Assessment - The amount owed by the property owner that contributes to the upkeep of the association. This may include maintenance and utilities for common areas, insurance, repairs and replacements, administrative functions (bookkeeping, taxes, management, etc.), landscape maintenance, community events, and entrance signs and/or monuments.
Delinquent Interest - If the assessment is not paid by the due date, the assessment may bear interest from the due date at the rate set forth in the governing documents of the association until the assessments is paid in full.
Administrative Fee - Fee charged for the work performed by the management company to manage the past-due account. This charge may be a monthly charge, depending on the amount of time the account is past due.
Previous Balance - Past due amount that has not been paid from earlier statements.
Hand Delivery Charge - Past due statement that is hand-delivered to homeowner via courier or Fed Ex, depending on the delivery area.
Escalated Property Processing Fee - Fee charged for searches completed for looking for all listed owners of property, any pending bankruptcies, or active litigation.
Statutory Notice - Fee charged for review of account, pulling of balance forward information, digital storage, and generation of regular and certified notice.
