Copy of Reserves, Maintenance & Construction Defects
Reserves, Maintenance & Construction Defects Overview Types of Communities Fiduciary Duties Reserves Maintenance Liability Defect Issues Common Property vs. Common Elements Sources of Maintenance/Reserve Obligations State Law Declaration Bylaws Plat RCW REQUIREMENTS Non-condominium associations are “encouraged” to have reserves. Reserve account must be in the name of the association and administered by the board of directors. Amount of reserves is based on reserve study, which must be updated by a visual site inspection every three years by a “reserve study professional.” RCW REQUIREMENTS CON'T May borrow from reserves, but must have resolution explaining when and how of repayment Reserve study must include:
– Component list
– Date and statement of compliance with RCW
– Level of detail of the reserve study
– Association’s reserve balance
– Other financial information
– Reserve disclosure Physical Analysis Component Inventory Condition Assessment Life and Valuation Estimates Reserve Levels of Service Full Study Update with Onsite Review Update with no Onsite Review Contents of a Reserve Study Community Summary Balances, projected expenses Component Inventory Methods Used Maintenance Plans Describe maintenance to be conducted Include schedule Address warranties Update as necessary Common Visual Indicators Water Stains Stucco & Concrete Cracks Unprimed, swollen trim Missing Flashing Improper slope on flatwork Haiku Deck Pro User
