Best Practices

The article highlights best practices in collections for condominiums to ensure the timely and effective collection of common element fees from homeowners. The author emphasizes the importance of proper procedures and communication to avoid financial challenges for the corporation. The Condominium Act, 1998 gives condominiums the power to collect fees, including an automatic lien against defaulting unit owners. The article emphasizes the role of property managers in collections, discussing reasons for issues with collections and the responsibilities of management firms. It underlines the importance of avoiding arrears through proactive measures and proper communication, as well as the need for a well-defined collection policy. The article also discusses the property manager's role, economic factors, and the significance of following prescribed notices and timelines. Ultimately, the article encourages property managers to follow proper procedures and maintain consistent communication to effectively manage arrears and avoid challenges in collections.