The Legal Side of Reserve Studies: Part 2
August 7, 2012 No Comments
Boards have a general duty in all states to oversee the affairs of their associations.
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.
Reserve studies are required by Hawaii State Law, HRS 514A and HRS514B-148 for Condominiums and Time Share property under HRS 514E-10.3.