As a unit owner in a condominium association, you are obligated to pay assessments to the Association for the common expenses incurred to operate and maintain the Association property. When a unit owner fails to pay the assessments, the Association may sue to collect the amount due. Florida statute provides the unpaid assessments shall bear interest from the due date until paid at the interest rate provided by the Declaration of Condominium. See Florida Statute 718.116(3). It is not uncommon for the Declaration of Condominium to provide for interest at the highest rate allowed by law (which is 18%). Read the article………………..
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