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Collection policy

Each owner in the Hillside Estates condominium community has the financial responsibility to pay all monthly condominium contributions, assessments and/or any levies, on the first day of each month.  Our bylaws and the Condominium Property Act of Alberta give the corporation the power to charge interest at a rate of 18% per annum on any arrears and to register a caveat against the unit title of a any owner who is more than thirty (30) days in arrears of the payment of any assessment or levy.

 

It is imperative that all owners understand that the Corporation has financial obligations that need to be met each month.  The only way for these obligations to be met is for all owners to pay their monthly contributions and their monthly special assessment levy in a timely and punctual manner.  When owners fall behind in their financial responsibilities, it puts an increased financial burden on all other owners.

 

In order to streamline the collection of arrears, a resolution was passed at the Board of Directors meeting that was held on July 18, 2011.  The resolution states that interest will be charged on accounts over 30 days in arrears, a caveat will be registered against the unit title of owners whose accounts are over 60 days in arrears, and that all accounts over 90 days in arrears will be sent to the Corporation’s lawyer for collection.

 

All owners should be aware that all costs for any collection action are an owner responsibility to pay and will be charged to that owner’s condominium account.  These costs can quickly add up, increasing an owner’s indebtedness.  To avoid incurring these types of expenses, we encourage all owners to ensure that their account is kept current.  KDM Management Inc. accepts payments by cheque or money order and also offers a preauthorized payment plan.  If you are not currently on our preauthorized payment plan and would like to join, please contact the KDM Management Inc. office at 780-460-0444 and they will happily send out the required forms to you.



 APPROVED BY THE BOARD OF DIRECTORS JULY 22, 2011