RIVERVIEW AT COLLEGE POINT CONDOMINIUM III
Account receivable dues are due on the first (1st) of every month. Regular and special
assessments become delinquent fifteen (15) days after they are due.**

The following collection policies for delinquent account receivable monthly dues,
collection fees, and policies regarding lien filing and further legal action apply to all
owners at Riverview Condo III:

  1. A late charge of $50.00 will be added to any dues account with an unpaid balance
    due and owing 30 days past the due date. An additional $50.00 (per month you are
    late) will be added to the account with an unpaid balance due and owing 60 days
    past the due date.
  2. Owners who are over 30 days past due may lose the rights to parking, maintenance,
    and service privileges until such time that the account is paid in full.
  3. If a dues account has a delinquent dues balance owing 60 days past the due date,
    Riverview Condo III may file a lien on the member’s unit, subject to compliance with
    Riverview Condo III by-laws and providing the member with 10 days advance
    written notice of the intent to file the lien. Lien filing fees, currently $1,000 and
    subject to change as needed to cover recording and lien preparation costs, will be
    added to the delinquent account receivables dues at the time of the lien filing.
  4. Account Receivable dues with delinquent dues balance owing 75 days past the
    due date may be turned over to a collection company for collection. The collection
    fee charged by the company will be added to the delinquent dues account.
  5. Riverview Condo III may notify credit bureaus of the slow or non-paying status of
    delinquent account receivable dues at the time a lien is filed and/or the account
    is turned over to a collection company.
  6. In addition to the above described steps, Riverview Condo III may take any further
    legal action available to it by law, including but not limited to, foreclosing on a filed
    lien, filing a claim with the Queens County Small Claims Court system, or filing a
    lawsuit in the appropriate jurisdictional court.
  7. Riverview Condo III will write this debt off our books by reporting it as a “bad-debt
    loss” to the IRS through a 1099-A filing. What could this mean for you? Form 1099-A
    triggers a reportable “income” transaction that’s reportable to the IRS. Riverview
    Condo III filing Form 1099-A for your delinquent account receivable dues, is usually
    not a good thing for you as this means you now must deal with the IRS and
    potential audits because of your increase of “income” for those years you did not
    pay your account receivable dues. A notice will also appear on your credit report
    which is not a plus to your rating. In a nutshell, you can either pay Riverview
    Condominium III your delinquent account receivable dues or you can pay a lot more to the
    IRS.
  8. New law was passed that allows the Board of Managers at Riverview
    Condominium III to pursue renters, not just landlords, for overdue fees/delinquent
    account receivable dues.  If owner falls behind and the renter doesn’t cover the
    delinquent account receivable dues, the renter faces eviction under the new
    statute.  


    ** Provisions are subject to change pursuant to Riverview Condo III individual governing documents.
RIVERVIEW CONDOMINIUM III COLLECTION POLICY