Now that the transition to the Habitat Company’s accounting system is settling, Owners accounts have been audited and statements will begin being issued on an earlier timeline. Therefore, the Association is returning to enforcing collections procedures as established by the PTCA Rules and Regulations.

A quick summary? Overall, assessments are due on the 1st each month. Payment can be accepted in the office until the 5th – after the 5th, our team processes a batch with the checks received up to that point. There is a grace period until the 10th. Each Owner’s monthly payment should be in the bank by the 10th. After the 10th, a late fee of $75 is charged for any balance remaining on an account, and $35 for unpaid parking charges. Checks dropped in the office after the 5th, may result in a late charge, as we will only do one batch to the bank per month.

If a balance reaches 45 days past due, the account is turned over to the Association’s legal counsel for potential collections. This will result in additional fees to the Owner for processing, monitoring the account, and any court related filing fees.

Those are just the basics. To understand the ins and outs as drafted, below is the excerpt taken from the section “ASSESSMENTS, FEES, AND COLLECTIONS”, from the PTCA Rules and Regulations Handbook:

ASSESSMENTS, FEES AND COLLECTIONS

ASSESSMENTS

All fees charged to an account for association business, activities, services and/or penalties are considered a part of the total assessments due for that unit, and subject to the same timing and collection procedures outlined herein.

Monthly payments are due on the first of each month. Owners may make payment by mailing a check or money order, direct debit or online payment. Failure to receive a statement does not release unit owners from their obligation of making a payment on time.     The Management Office does not accept cash under any circumstances.

Payments are applied first to oldest charges by date, including fees, service charges and penalties. Payments in excess of what is due will be reflected as a credit.

LATE PAYMENTS

A late charge will be assessed for any payments not received and recorded at the bank by the 10th of the month, as listed above. Any account with an amount past due by 45 days from the original date of the charges shall be turned over to the association’s attorney for collection. All additional charges associated with this legal action will be the responsibility of the unit owner. Also, a unit owner past due on any charges on account 45 days or longer will result in loss of Health Club membership, Party Room and parking privileges for the owner and residents of that unit.

Any owner who has a lingering balance from month to month or does not pay in full such that there is a $0 balance at the end of the month, will be subject to suspension of parking privileges, Health Club membership and other services provided by the association.

Furthermore, the association may collect, evict, foreclose or take any other action available, against a delinquent owner, from among those offered by the declaration and by-laws or any applicable law.

RETURNED CHECKS

A charge will be imposed for any returned check or rejected payment due to problems outside the association’s control, such as non-sufficient funds or a closed bank account. After two returns, no personal checks or auto debits will be accepted as payment for a one-year period. Only certified checks or money orders will be accepted as forms of payment.

PAYMENT DISPUTE

In the event of a payment dispute, the owner must produce a copy of the front and back of the cancelled check, or a bank statement with copies of the check. Dispute of a charge or balance due on an account must be made to the Management Office in writing with as much detail as possible for it to be corrected.