New Condo Law: Reserve Studies

If you are buying a condo soon, a new law is going to help you make better decisions on the financial health of the condo. Effective today, home buyers will receive resale certificates where the homeowners' association must state whether or not the association has had a reserve study.

The revised law encourages the homeowners' association to conduct a reserve study and create a reserve account to fund major maintenance and repairs. 

If the association does not have a reserve study, the resale certificate must include a warning that the lack of a reserve study poses certain risks for the purchaser. Read news here.

Comments

[Phil]

David Bach & Associates, LLC. They do a great job with Reserve Studies and have been doing them for years.

[Spencer]

Pacific northwest Inspections Group,LLC performs reverse studies with online complex database for condo owner to monitor stats of complex. Visit http://www.PacificNorthwestInspection.com for more info.

[John McGloughlin]

Most of these reserve study companys are from out of state (california Florida). Its always best to stay local especially given our unique living environment.

[Corey]

There is a local Reserve Study Co. that I have worked with that I believe is as good as any I have ever seen. HOA Services Group out of Seattle and Portland. VERY professional. Always make sure you hire an expert in RS not just some guy who thinks because he built a garage he knows all.

[Corey]

FYI their web address is hoaservicesgroup.com

[Jim Main]

I have been an active hoa manager in Oregon for the past five years and have been active in community association activities in both Oregon and Washington during that time period. I know the professionals at HOA Services Group well and can confirm that using professional expertise in conducting reserve studies is essential. There are many hoa's in Washington who are unfamiliar with the need for reserve studies and who need someone who can do a thorough job that serves the hoa for the future and who can explain the details in understandable terms. HOA Services Group does just that. A person holding the Reserve Specialist )RS) designation from the Community Associations Institute (CAI)takes a pledge for integrity, ethics and quality of service, and brings assurance that an hoa will get the product it needs.

Jim from Portland