Waiver of late fees may only be requested in writing and reviewed by the board. The decision will be provided to management for communication to the homeowner.
THE PURPOSE
The purpose of a late fee in an HOA is to:
Encourage homeowners to make timely payment of their assessments or fees.
Late fees are typically assessed when a homeowner fails to pay their assessment by the due date specified in the governing documents.
The late fee serves as a penalty for late payment and helps to ensure that the association has the funds it needs to operate and maintain the community.
In addition to encouraging timely payment, late fees can also help to offset the costs associated with processing and collecting late payments. These costs can include administrative fees, collection fees, and legal fees if the delinquency is not resolved in a timely manner.
For more information on community association management please contact AGM Real Estate Group
AGM REAL ESTATE GROUP
Community Association Management | Bellevue, Washington
206.622.8600