Is a Reserve Study Required Annually in California?
California Civil Code 5550 requires a Reserve Study based on a “diligent visual site inspection” at least every third year, but requires the Board review that Reserve Study annually and “consider and implement necessary adjustments”. That’s called an annual Reserve Study update. California Civil Code 5300 and Civil Code 5560 together require that every association annually adopt and disclose their Reserve Funding Plan. Most Reserve Studies have a 30-yr Funding Plan. But if it is two years old, then the association doesn’t have a current plan. Time has marched on, and the plan is out of date. Get your updated 30-yr Funding Plan, every year, when you update your Reserve Study. Then adopt it and disclose it! Read the article…………
On September 4th, Gov. Brown signed AB 349 into law, as an urgency statute – effective immediately. AB 349, which
There’s always a lot of discussion about keeping the outside of your home looking good for the homeowners association; but
Can Your Condo Association Be Sued For Failure to Obtain FHA Certification? Maybe! Be Sure To Document The Board’s Decision
We are often asked if a condo or homeowners association is required to obtain FHA certification. And unless the CC&Rs