Does a condominium association have to commission a reserve study right away?
A. We believe an association has up to 12 months from the effective date of the law (6/12/08) in order to complete an initial or updated reserve study. Thus, an association should have ample time to adequately research the marketplace for a reserve study consultant who fits the association’s specific needs. We recommend associations rely upon the Washington and Oregon chapters of Community Association Institute’s recommended vendor lists WCAI / OCAI to identify well qualified reserve study professionals.
