There are many benefits associated with living in a condominium. Homeowners have fewer maintenance obligations because the condo association manages shared spaces and certain building infrastructure. The owners of condominiums may have access to several amenities, such as exercise facilities and swimming pools.
The condo association covers operating costs by assessing monthly fees. The association can also impose financial penalties in scenarios where individual owners fail to meet community standards. Monthly condo association fees can add up to hundreds of dollars, and fines imposed as penalties can prove quite costly as well.
How can a condo association enforce monthly fees and financial penalties imposed for rule violations?
Through written communication
In many cases, people may not recognize that their actions violated community standards or may not understand the penalties that the association might impose. Additionally, as they try to catch up on missed payments, they might fall even further behind by overlooking late fees, interest and other costs. Sending regular invoices detailing the exact amount due can help push property owners into financial compliance.
By restricting amenity access
Frequently, shared amenities are among the most valuable benefits of living in condominium housing. Losing access to a pool or other shared facilities can potentially motivate property owners to catch up on their payments. In cases where the condominium association provides valuable services and amenities to property owners, the loss of those services or the inability to access community spaces can push people to fulfill their financial obligations.
By seeking a lien
Florida state statutes empower condominium associations and similar organizations to pursue real estate liens. Once the property owner has accrued a substantial amount in unpaid fees or fines, it may be possible to use their unit as collateral for the debt.
Placing a lien prevents the owner from selling the property or transferring their interest to others without first fulfilling their financial obligations. If they refuse to pay what they owe, the association can also foreclose on the lien.
Condominium associations struggling to recoup unpaid fees and fines may need help understanding different collection options and holding property owners accountable. Developing the right strategy for pursuing condominium liens can help ensure consistent compliance with community financial obligations.
