Most cooperative and condominium apartment owners pay their monthly fees and assessments in full and on time.   However, some of our clients have recently reported an uptick in arrearages.  There are both similarities and differences that address collecting arrears for cooperatives and condominiums. First, the similarities. Allowing habitual or significant arrearages to accrue poses at least three potential problems for all buildings.  Arrearages impose cash-flow difficulties that, if not addressed promptly, place a financial burden on both regularly paying owners, who must shoulder the deficit, and on building managers who must juggle it.  They can create a downward spiral, acrimony… Read more