Sentences with phrase «year reserve fund study»

If the condo board doesn't set aside enough money for future expenses, then there will likely be a special assessment for each condo owner when the 5 year reserve fund study is done.

Not exact matches

In other words, condominium corporations will have a three - year grace period following each reserve fund study, during which the corporation can plan for lump sum contributions or for annual contributions to increase beyond inflation.

The reserve fund study must plan for all major repairs and replacements over at least a 30 - year period.

In any event, condominium corporations may need to include a warning, in paragraph 12 of their status certificates, if there are common element features, or assets, that won't require repair or replacement until after the period covered by the corporation's reserve fund study (whether the period is 30 years, 40 years, or more), and which have not otherwise been included as part of the analysis for the required funding contributions.

Some reserve fund analysts, and some condominium corporations, may prefer a longer study period (say, 40 years or more) for their reserve fund studies.

The amendments are expected to say that condominium corporations will have to plan for their reserve funds to be «adequate» within a period of three years following each reserve fund study.

Reserve fund studies are conducted every three years to determine how much money the corporation should have in the reserve fund.

(k) all reserve fund studies that have been completed or are required to have been completed at the time the meeting is held, other than the reserve fund study that is required within the year following the registration of the declaration and description;

Depending upon the particular condominium, this may mean that features not currently covered by the reserve fund study will be covered (if and when the study period increases to at least 45 years).

As mentioned in my blog post last November, the reserve fund study period (currently required to be «at least 30 years») is also expected to be increased, likely to «at least 45 years», as part of the anticipated amendments to the Condominium Act and Regulations.