All owners are required to pay Maintenance/Association Fees as provided by Master Deed and governing documents of the association. The fees, typically called “monthly maintenance fee” are typically due on the 1st of each month. Most governing documents also contain language establishing a ‘grace’ period of an additional nine (9) days for the receipt of these payments due to irregularities in the postal system. Thereafter, the association reserves the right to assess late fines/penalties on open balances. (Please consult your Master Deed for specific regulations and requirements.)
You may pay these fees either lump-sum annually, part annually, or monthly. These fees are calculated against the annual adopted budget and based on your percentage ownership in the building. (As an example, if the annual income budget of the association for maintenance fees is $100,000, and your common percentage ownership interests in the association is 1%, your annual maintenance owed the association would be $1,000). Most associations will issue payment coupons or monthly invoices for the benefit of the owners, though this is done as a courtesy only.
These fees fund the operation and maintenance of the common property (building(s)) and are used to provide the corporate services of the association which in turn benefits you as an owner.