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STEP #2:
DEFINE THE FEE
STRUCTURE
After you've discussed what to include in your
collections policy, you'll need to clearly define the
fee structure. While fee details may already be
covered in your association's declaration or governing
documents, they should be reiterated in your
collections policy. Always highlight:
• When fees are due
• How much residents will be charged if they're late
• How often standard fees and late fees recur
Your association should also take payment plans
into consideration. They typically aren't mandated;
however, many associations allow them under
certain circumstances. Your collections policy should
outline if and when this is permitted and how often
homeowners can leverage this method.
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