HOA Reserve Accounts: What Are You Missing?

Maintenance repair and replacement of the common areas of a community can be quite costly, and reserve accounts can be a great planning tool for the forward-thinking HOA. Until somewhat recently, the Florida HOA Act did not address reserve accounts. However, in 2007, Section 720.303(6) of the Florida Statutes was added, establishing a number of procedures and rules related to reserves if a) they were originally established by the developer prior to turnover; or b) a majority of the homeowners vote to establish specific reserves.   Read more………


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