New Year, New Changes in WA Reserve Studies (Webinar)
WEBINAR, January 25th, 2012
Dan Zimberoff, Partner, Barker Martin P.S.
Kathleen Profitt, Attorney, Barker Martin P.S.
A Reserve Study is a budget/cash flow model to ensure there is money to complete repairs with NO special assessments
- COMPARE TO HEALTH INSURANCE
- NOT a maintenance or repair plan
- NOT a building envelope inspection
Reserve Studies provide information for owners and buyers
- Whether funded or not, should provide buyers
- with notice of upcoming repair expenses
- Whether funded or not, may affect sale-ability and market value of units
- Monthly dues affect borrowing capacity of purchasers, which may affect prices
- Unfunded reserve requirements affect lender willingness to fund loans