HABITAT
Subscribe for Daily Updates!
It's reasonable to ask them to pay for the outstanding charges - but there may be an issue with you collecting. If they refuse, you could go to another company. If you go to another company, they'll have to be sued to recoup the losses.
If you go to another company and they refuse to pay, it might be worth taking it on the chin, learning the lesson and then moving on. You'll learn, as a Board, to check up on these things in the future and not let them get out of hand such as this. The budget should be made at the beginning of your fiscal year and from that budget the escrowed amounts will take shape. From hereon in, escrow out 1/12 of the major expenses so that you don't have this happen to you again.
If they refuse to pay and you move on, you'll have to do a cost-benefit analysis to see if it is worth it to pursue legal and the various costs that this will bring.
Hope that help and reach out to me if you want to speak more privately about the matter.
Mark
Thanks Mark and others...so, the management company did own up to the error...and agreed to pay for the late fees/interest...but no go on paying for the bill. They did however organize a payment plan with the DEP (unfortunately, we have to dip into our reserve a bit). The company has a comptroller (finally) and actually is doing what some of Mark suggests in the video (thanks for that, too). Lessons learned...though we are still in the market for a new management company. Mark how can I reach you?
Hey, you can email me at mblevine@ebmg.com or directly on the phone at 212-502-7048 x.201.
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Habitat u
visit habitat uHabitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
Archives
search
Search, by word or phrase, all magazine articles from January 2002 to present. You may print or email your results. Print subscribers receive free access to the Habitat Article Archive.
Ask the Experts
learn moreLearn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments
Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise
Subscribe
join nowGot elected? Are you on your co-op/condo board?
Then don’t miss a beat! Stories you can use to make your building better, keep it out of trouble, save money, enhance market value, and make your board life a whole lot easier!
This was a good question and answer so I took this and made it into a video response for our YouTube channel.
http://ebmg.com/2014/06/question-answered-our-property-manager-screwed-up-our-water-payment-and-now-were-stuck-with-penalties-and-late-fees-what-can-we-do/
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.