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Electronic Assessment Payments: Are You Offering Them?

electronic payment

Electronic Assessment Payments: Are You Offering Them? As a board member in Chicago, you try to do your best to make sure your residents have safety, security, and that assessments are paid on time. If you are not working with a Chicago property manager, it can be a harrowing task to try and take care of all that plus maintaining the building, working with vendors and other aspects of overseeing a Chicago condominium association. One aspect that you may want to consider is offering electronic payments to your residents. You can do this by hiring a property management company such as...

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Illinois Supreme Court rules in favor of Associations - No excuses to avoid paying assessments

Illinois Supreme Court rules in favor of Associations - No excuses to avoid paying assessments The struggling economy and the spike in mortgage foreclosures over the past five years have made collecting funds from unit owners a hot topic with our board members. The process for “treating” a delinquent unit owner has historically been straight forward. Step number one is to issue a demand letter that provides the owner with a period of 30 days in order to pay the entire past due balance. If the debt is not paid within the 30 days the association can proceed with step number...

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Treatment of delinquencies in Chicago condo associations

Treatment of Delinquent Owners in Chicago Condominium Associations If your condominium association has unit owners that have become past-due in the payment of their monthly assessments the Board must decide how to proceed. As a board member it is your legal duty to protect the financial health of the condo association. While many board members find this uncomfortable, in some cases this means taking legal action against a delinquent unit owner. This involves using the courts to force repayment of the owner's unpaid assessments. If no action is taken the eventual outcome is almost certainly that the other unit owners will...

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