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TIP 6:
CONSIDER
ALLOWING TIME
FOR REPAYMENT.
Whether it's a grace period or repayment plan,
allowing a reasonable amount of time for residents
to pay can help the association recoup costs while
maintaining a positive partnership with community
members. Collaborate with your community
manager to outline options for repayment. Some
of the items you'll want to pay special attention to
include:
• Timeline: The number of months homeowners
have to make payments.
• Installment amounts: How much a resident is
expected to pay each payment period.
• Interest/fees: Fees that are applied to unpaid
balances during a payment plan duration, if
necessary.
• Late payments: The consequences of late
payments within a payment plan.
• Modifications: Decide whether certain terms of
the payment plan can be modified.
• Termination: The conditions under which the
HOA can terminate a payment plan.
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