New Year, New Changes in WA Reserve Studies

WEBINAR, January 25th, 2012
Presented by:
Dan Zimberoff, Partner, Barker Martin P.S.
Kathleen Profitt, Attorney, Barker Martin P.S.

Overview

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