D.D. from New Haven County, Connecticut writes:
Dear Mister Condo,
Mister Condo replies:
D.D., I am not an attorney so I cannot speak as to the legality of the assessment or the timing. However, unless your governing documents state otherwise, special assessments can be due as soon as they are levied. It is common for many associations to offer terms to unit owners that allow repayment over a set period of time. Depending on the size of the assessment and the scope of work being performed with the assessed funds this can make perfect sense. However, there are times when the association needs the money right away and is unable to offer terms. My advice is either pay the assessment immediately if you can or seek an equity loan on your unit to pay the assessment. Ask the Board if they will consider payments and pay what you can the sooner the better. If you do not pay your assessment on time, the association likely has rules about late payments that could subject you to late fees, interest, penalties, suspension of privileges to amenities, and more. I know that sounds harsh but what is the association to do? There is only one place for money to come from and that is the unit owners. Hopefully, this is a one and done assessment and there isn’t another coming down the pike. Good luck!