As you can imagine, our law firm has received an unprecedented number of questions regarding assessments during the current crisis. We certainly understand and empathize with boards and unit owners alike. More importantly, we are very aware of the board’s delicate balance between fulfilling their legal obligations to the Association and assisting their fellow unit owners suffering from financial distress. We are here to help you successfully achieve that balance.
As a board member, your primary obligation is to act in the best interests of the Association. As such, the law clearly prevents you from forgoing, waiving or excusing monthly or special assessments due from owners – even in extraordinary circumstances like this. Practically speaking, almost everyone is under some financial strain at this time. Including those owners who continue paying their assessments. The board owes them a duty.
As such, it is imperative to remember that the routine process for initiating assessment collection has not changed. Demands, liens, lawsuits, judgments must still be pursued when needed. Of course, certain aspects of the process have been delayed due to courtroom closures. But, the system has not stopped altogether.
While the board cannot legally waive monthly or special assessments, the board can consider reasonable payment plans or delaying imposition of late fees as long as it is applied consistently. Our professional representatives can assist the board with the board’s decision process or preparing the acceptable payment plan agreement.
Again, we understand the board’s dilemma. We are ready, willing, and able to assist you in navigating through these difficult financial circumstances.
If KSN can answer any legal questions for or assist your Board, do not hesitate to contact our law firm. Please call 855-537-0500 or visit www.ksnlaw.com.
Since 1983, KSN has been a legal resource for condominium, homeowner, and townhome associations. We have four office locations, serving hundreds of clients and thousands of communities throughout Illinois, Indiana, and Wisconsin. Our attorneys are also licensed in Arizona, Florida, and Missouri.
Please note the material contained in this article is for educational and informational purposes only and does not constitute legal advice. No attorney-client relationship is established by your review or receipt of the information contained in this article. You should not act on the information discussed in this article without first obtaining legal advice from an attorney duly licensed to practice law in your State. While KSN has made every effort to include up-to-date information in this article, the law can change quickly. Accordingly, please understand that information discussed in this article may not yet reflect the most recent legal developments. Material is not guaranteed to be correct, complete, or up to date. KSN reserves the right to revise or update the information and statements of law discussed in the article law at any time, without notice, and disclaims any liability for your use of information or statements of law discussed on the article, or the accessibility of the article generally. This article may be considered advertising in some jurisdictions under applicable law/s and/or ethical rules/regulations. © 2020 Kovitz Shifrin Nesbit, A Professional Corporation.