A New Tool in the Condo Collection Kit (NY)

Co-ops have more leverage, but there are ways for condos to collect arrears.  At a luxury Chelsea condominium called the Heywood, the condo board used an ingenious strategy to collect from a unit-owner who owed $100,000 in unpaid common charges, late fees, and interest. After filing a foreclosure proceeding, the board got the courts to appoint a receiver, who had the power to set and collect rent from the unit-owner. When he failed to pay the rent, the receiver was able to move to evict, and the courts upheld the move.   Read the article…………..


Related Articles

Four Simple Steps to Community Building this Spring

Since we just turned our clocks ahead a few days ago, it means that spring is right around the corner.

Preserve Your Reserves

Seventy percent of homeowner associations are underfunded, and homeowners will feel the pinch. Anyone who lives in a townhouse or

Condo associations steadily building reserve accounts

Condominium assessments are escalating, but that’s not necessarily bad news. A good chunk of that money is headed for reserve