By: Md. housing associations are on the hook for big maintenance bills - The Baltimore Banner

Wed, 03 Jan 2024 21:24:29 +0000

[…] in Prince George’s and Montgomery County were already required to have reserve studies done by 2020 and 2021, respectively. Silverman said that mandating reserve funds helped improve the condition of […]

By: DEVELOPER TRANSITION: MD CONDO & HOA LAW – PART II - COWIE LAW GROUP, P.C (formerly Cowie & Mott, P.A.)

Sun, 09 Oct 2022 16:14:30 +0000

[…] The Reserve Study: A reserve study does not seek to evaluate construction. Rather, its purpose is to determine the amount of annual assessments that should be placed into a reserve account to pay for future repair or replacement of the major community components for which the association is responsible, such as roofs, exterior walls, sidewalks, roadways, stormwater management ponds, clubhouses, etc. A normal useful life, or “life expectancy,” is assigned to each of these components (e.g., a 30-year club house roof), as well as an estimated cost to repair or replace those components at the end of their useful life. Based on these projections, a reserve analyst estimates the amount of money that the association should allocate to its reserve account each year so that the necessary funds will be available for future repairs and replacement. This type of planning avoids a one-time huge assessment for major repair/replacement projects. New Maryland laws, effective October 1, 2022, require most Maryland condominium associations and homeowners associations (HOAs) to obtain reserve studies and fund reserves. Click here for details on the new Maryland laws effective October 1, 2022. […]

Comments on: New Condo and HOA Laws in Maryland Requiring Reserve Studies, Disclosure of Warranty Defect Settlement Agreements, etc.

By: Md. housing associations are on the hook for big maintenance bills - The Baltimore Banner

By: DEVELOPER TRANSITION: MD CONDO & HOA LAW – PART II - COWIE LAW GROUP, P.C (formerly Cowie & Mott, P.A.)