Condo Special Assessment Grace Period

D.L. from Illinois writes:

Dear Mister Condo,

Legally, must a condominium allow a 10-day grace period for collection of assessment payments?

Mister Condo replies:

D.L., thank you for writing. I am not an attorney nor am I an expert in Illinois condominium association law. However, I did look up the Illinois Condominium Act to see what it had to say about special assessments. What I found was that Sections 18(a)(8) and 18(b)(6) of the Condominium Property Act require the directors to give the ownership 10 to 30 days’ notice of the board meeting to adopt a special assessment. That means the special assessment itself cannot be levied without the proper 10 to 30 days notice of the Board meeting where the Special Assessment will be voted upon and/or adopted. I did not find anything about a grace period afterwards. You may wish to consult with a local community association lawyer for a more detailed answer and full legal opinion.

I will say that as a matter of common practice, most associations announce their special assessment and publish a due date at the same time, usually within a month of the special assessment. If the payment date is missed, the late fees and fines which are already in place for other missed payments (common fees, dues) usually apply, That can be salt in the wound for someone struggling to make the special assessment payment on time. However, it is the only tool the association has to make sure it collects revenue in a timely manner. All the best!