House of Delegates Passes Legislation Requiring Periodic Reserve Studies (MD)

By a vote of 135-1, the Maryland House of Delegates has passed House Bill 651, which would require condominiums and homeowner associations to conduct reserve studies of the common elements and common areas. As discussed in an earlier post, the new law would provide that, within 90-days of the meeting at which the unit owners assume control of the council, a reserve study must be conducted of the common elements, and the condominium must conduct a reserve study every five years thereafter.     Read the article……………


Related Articles

Just Keep Swimming: Navigating the Waters of a Co-owner’s Chapter 7 Bankruptcy Filing

Bankruptcy matters can be treacherous waters for Condominium Association Boards to navigate. Such issues should, in most cases, be referred

Foreclosing Lender Forced to File a Separate Action on Association Assessments

Foreclosing mortgagees often wait until after a foreclosure judgment and certificate of title are issued to determine the extent of

The Critical Importance of Community Association Reserve Funds and Reserve Studies

Successful HOAs and community associations must plan ahead for their future needs, so they can budget and save today for