What is Washington’s Reserve Study Law? Part 2
On April 29th Governor Christine signed into law, effective January 1, 2012 House Bill 1309. This law amends and adds new sections related to reserve accounts and studies for condominium and homeowners’ associations.
In short, it includes new items that are required to be included within the reserve study and items required to be disclosed to the unit owners. The bill has the largest impact on homeowners associations, namely, they may be required to obtain a reserve study. Whether they are required or not is determined by several criteria including the amount of assets the cost to obtain a reserve study as well as the number of homes within the association. Also, as you read through the legislation there are two definitions for “significant assets.” One for condominiums and another for homeowners’ associations.
If you have any questions please don’t hesitate to call our office 253-292-2125. Learn more information about Washington States reserve study legislation here.