COLLECTION OF RHODE ISLAND CONDOMINIUM DUES
–at no cost to the Condominium Association
PALUMBO LAW will collect your Rhode Island condominium association’s past due condo assessments at no cost or charge to the condominium association. Our law firm does not charge the condominium association a legal fee (e.g. legal fees, costs, expenses, etc.) for collection of past due condominium unit owner’s condominium fees, dues and/or assessments. Our law firm is paid by the condominium unit owner or the holder of the first mortgage.*
THE IMPORTANCE OF CONDOMINIUM ASSESSMENTS/DUES
Condominium assessments including but not necessarily limited to monthly condo fees are the life blood of any condominium association. A condominium association is almost always responsible to pay for a number of expenses including but not limited to the following: water, sewer, insurance, maintenance, management, etc. If a Rhode Island condominium association does not collect the monthly condominium dues or assessments from the condominium unit owners then the condominium or homeowner’s association may not be able to pay the association bills as they become due. PALUMBO LAW can eliminate collection headaches for the management of any condo association at no cost to the association.*
THE IMPORTANCE OF A CONDO COLLECTION PROCEDURE PROCESS
It is extremely important for the management or board of directors of a condominium association to establish a collection procedure process for collection of unit owner dues and/or assessments. The collection procedure process will may vary depending on the condominium association. PALUMBO LAW is available to prepare a custom collection procedure process that is right for your condominium association at no cost or charge to the condominium association. Attorney Richard Palumbo and his team of condominium professionals will prepare a custom collection procedure process free of charge when you engage our firm’s condominium collection services. There are a number of general steps in any condominium collection procedure process.
CONDOMINIUM COLLECTION PROCEDURE PROCESS
Condo Association Annual Budget
A condominium association should prepare an annual budget which is typically presented to the condominium unit owners at an annual meeting of the condominium unit owners. The budget generally includes an itemized forecast of the association’s income and expenses expected for the following year.
Monthly Invoicing
It is generally good practice for the condominium association or the property manager on behalf of the association to prepare and send monthly invoices to all of the condominium unit owners.
Statement of Accounts
A detailed statement of account should be sent to all unit owners on a monthly basis along with the monthly invoice. The monthly invoice and/or statement of account should include monthly condominium assessments, late fees and any other charges.
Preliminary collection letter from the Association
At some point, the condominium association should send the delinquent condominium unit owner a letter informing the unit owner that their account is going to be sent to PALUMBO LAW for collection if the account is not paid within a 30 days of the date of the letter.
Sending the delinquent account to PALUMBO LAW
PALUMBO LAW has a unique stream-line collection process that is designed to efficiently collect the past due condominium assessments at no cost to the condominium association.*
For help collecting delinquent condo dues in Rhode Island, at no cost to the condominium association*, please call PALUMBO LAW today at 401-490-0994 or visit, www.richardpalumbolaw.com.
*In extremely rare instances, and only after written authorization, the condominium association may have to pay an hourly legal fee and/or a percentage of the total amount of the condominium assessment collected (e.g. a contingency basis) plus costs and expenses if we are unable to collect most or all of the condominium assessments through a non-judicial condominium lien foreclosure process. Please contact our office for complete details.
The information contained in this web page is for general information purposes only and is not intended as legal advice. The state of Rhode Island has no certification for specialization.
