The timely payment and collection of condominium assessments is essential to the financial well-being and efficient operation of a condominium association. The association’s Board of Directors has a fiduciary responsibility to stay on top of assessment collection so that delinquent condominium assessments do not accumulate. Excessive delinquencies not only deprive a condominium association of needed operating capital, but also affect its ability to borrow money and obtain FHA approval. This article provides an overview of the assessment collection process for condominium associations in Maryland and the District of Columbia. Information is provided to help condominium associations adopt their own assessment collection policies and procedures that work best for their communities within the framework of Maryland and Washington DC condominium law. Read the article…………….
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