Jun 12 2008
New Condo Reserve Study Law
The new laws that took affect June 12th 2008 concerning condo law in Washington State.
Some key changes to the Washington’s condominium law will require associations to:
Prepare and routinely update a reserve study to calculate the need for, and cost of, major maintenance.
Encourage associations to estabilsh a long-term reserve account to pay for major maintenance and repairs.
Notify buyers when a current reserve study does not exist and warn this might poses a risk to them.
In the past, unhealthy associations and buildings would pass along the cost of major renovations and repairs to the owners by imposing a special assessment.
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