Having
a reserve study completed is the law in many states
throughout the country and appears to be gaining momentum
as more disclosures and fiduciary responsibility is
demanded by consumers and property owners. Barrera
& Company is proud to serve on the California
Legislative Action Committee of San Diego in effort
to help our clients better achieve an understanding
of the laws that will shape their community living
lifestyle. The following is a list of law firms with
a breadth of knowledge of community association legal
services.
Are
you aware it's the law in many states for Homeowner associations
to have a reserve study? The reserve study helps prepare associations
and avoid litigation as a proper budgeting tool to avoid special
assessments with well-maintained common areas.
Having
adequate reserves is like having gas in your car. If you don't adequately
fill your tank you will be unable to reach your destination of choice.
The importance of an adequate reserve is the empowerment it gives
your association to maximize the full potential of property value
by replacing common area components at the end of its lifecycle.