Installment payment plan needed for assessment: Our association will soon be voting on a special assessment of about $2,800 (per unit) for a long awaited project. Some owners will not be able to pay it all at once, so we need some help and guidelines for an installment payment plan. (An installment plan will also be useful for other associations with delinquent assessments.) We will establish a detailed collection policy (from other areas of this website) for late installment payments. We plan to use a loan calculator to determine payments, and recalculate it if there are extra payments. Should the payer sign an agreement and if so what should it say? Any suggestions and experience are very welcome.
