The Primary duty of the Board is to protect and maintain the association’s common areas. Some common area repair/replacement projects are so expensive that they take years of preparation.
According to a prominent Seattle area attorney, the first condominium recorded in King County was in 1964, by then name of “El Condo”. This is the coolest name I’ve ever heard for a condo. Forget Tall Trees, Whispering Brook, etc.—give me “El Condo”.
A Reserve Study helps the Board assemble a responsible budget to care for the Association’s major common area repair and replacement responsibilities, and disclose the Association’s Reserve Fund status to its members. The individual projects listed in the Reserve Study (roofing, painting, asphalt, elevator, etc.) are very different from an Association’s “total insurable value”.
