This page provides a summary of fees and policies related to payment terms, NSF fees, and late fees for condominium contributions, levies, and other payments associated with clients of Emerald Management & Realty Ltd.
The fee rates outlined below are current as of June 2022 and are subject to change.
- Late Fees – Contributions, fees, and levies are due on the first day of each month unless otherwise specified. Late fees are applied based on the Condominium Corporation’s bylaws or as outlined in the Condominium Property Act. In Alberta, the maximum allowable interest rate on unpaid fees is 18% per year, as per the Condominium Property Act Regulations, Section 76.
- NSF Fees & Returned Payments – Payments returned due to non-sufficient funds (NSF) or otherwise not processed are subject to an NSF fee of $125.00. Additional administrative fees may also apply, as determined by the policies of the Condominium Corporation or the current management agreement.
- Additional Fees – Any costs incurred by management for processing electronic transfers, payments, or credit card transactions are the responsibility of the unit owner.
Arrears Collection Charge Update: To support the financial health of the Condominium Corporation, effective June 1, 2025, Emerald’s charge for owner focused collection related efforts will increase to $75.00 + GST. This fee will apply when Emerald is required to send formal letters to Condominium Owners regarding outstanding arrears. This charge reflects the time and effort involved in managing collection efforts while ensuring fairness across the community.