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Condominiums > Common Charge Collections

  • By: Stephen Lasser, Video
  • Published: February 28, 2018

Condominium Common Charges - How Boards Can Collect and What to do if You Have a Unit Owner in ArrearsRead More

  • By: "Stephen Lasser, Video
  • Published: February 24, 2018

For Habitat U, Stephen M. Lasser talks about how to collect common charges in arrears and still stay on the right side of your condo’s constitution.Read More

  • By: Stephen Lasser, Habitat Magazine
  • Published: November 24, 2017

The Low-Down The issue of arrears in condominiums is important because heavy arrears might make it harder for potential purchasers or existing unit-owners to refinance the mortgages on their units. Heavy arrears might also prevent a condo from taking out a line of credit or a loan to start a capital project. All those issues could also make units harder…Read More

  • By: Stephen Lasser, Habitat Magazine
  • Published: November 24, 2017

There are several revisions that can be made to condominium bylaws to improve the collection of common charges and make the corporate governance of the building more efficient. The Real Property Law requires that common charges should be based on a unit-owner’s percentage of common interest, with certain exceptions for insurance and utilities. So most condominium bylaw provisions pertaining to…Read More

  • By: Stephen Lasser, Article
  • Published: April 20, 2017

Approximately one year ago, a data aggregation company based in California named Sperlonga entered into an agreement to start providing condominium and HOA owner payment and account status data to the credit reporting company Equifax.  It is our understanding that Sperlonga charges a monthly flat fee to the condominium or HOA for this service or a fee based on the…Read More

  • By: Stephen Lasser, Article
  • Published: January 20, 2017

Landlords and condominium boards frequently have to sue tenants and unit owners who fail to pay their rent or common charges in a timely manner.  This is an unfortunate fact of life in the real estate world.  In these situations, courts have typically been very stingy when awarding late fees or legal fees to the landlord or condominium board even…Read More

  • By: Stephen Lasser, The New York Cooperator
  • Published: January 25, 2016

Condominium Common Charges - How Boards Can Collect and What to do if You Have a Unit Owner in Arrears Condominium boards and managers are often frustrated by unpaid common charges. Once a unit owner falls more than 60 days behind in his or her common charge payments, it is recommended that this problem be turned over to the condominium…Read More

  • By: The New York Cooperator, Quoted "Stephen Lasser"
  • Published: July 24, 2010

Another advantage co-ops have over condos is their priority over bank loans in order of payout in a foreclosure, says attorney Stephen M. Lasser of the Condominium & Co-op Group in the New York office of Stark & Stark, where he is a partner. “In a condo, the mortgage gets paid first," says Lasser. "If the owner doesn’t pay their…Read More

  • By: The New York Cooperator, Quoted "Stephen Lasser"
  • Published: June 24, 2009

Something to consider, however, is that a foreclosure lawsuit can take a long time. “When a condominium unit owner falls behind on his or her end loan, the lender must commence a foreclosure lawsuit in state Supreme Court,” says Stephen M. Lasser, a partner with the law firm of Stark & Stark in New York. “A foreclosure lawsuit can take…Read More

  • By: Stephen Lasser, The New York Cooperator
  • Published: October 24, 2003

A common problem facing condo associations, boards and managers is how to compel unit owners who fall behind in their common charges to pay their arrears. In a condominium association with only a few units, if even one unit owner falls behind in common charge payments, the building may have trouble meeting operating expenses. When unit owners in larger condominium…Read More