Reserve Studies to Be Required
This weekend the Seattle Times reports that New state law requires condo associations to report money set aside for long-term maintenance:
Calling it the “biggest thing to happen since the Condominium Act of 1990 was passed,” longtime condo attorney Kris Sundberg says the new provisions will address “the dirty little secret of the condo world: Most condos are severely underfunded.”
I’m sure we all have stories of a friend in an older building hit by a large assessment. Likely more will be hit as they do the required reserve study and address their inadequacies but this law will making things rocky initially will condo associations on the correct path for the future.
The article also has a sidebar on how to get more info:
The Washington State Chapter of the Community Associations Institute is sponsoring a seminar about the new reserve-study requirement and its implications for homeowners associations on Saturday, May 17, 9 a.m.-noon, Shoreline Conference Center, 18560 First Ave. N.E. Registration fee varies. Information: www.wscai.org or 425-778-6378. The institute also has a list of reserve-study specialists on its Web site.
