You’ve been told that you should have a Reserve Study. But why should you pay for a Reserve Study if you already know you have significant budget limitations and don’t expect to raise the dues to collect more Reserves?
Boards have a general duty in all states to oversee the affairs of their associations.
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”.
As a resident and, recently, past Board member of the condominium association where I reside, my hopes for a better community were realized one day when an article appeared in our local newspaper telling of legislation requiring all Condominiums to have a Reserve Study done.
Samantha’s article illustrates the purpose and function of a Reserve Study as well as some common objections.
