OREGON RESERVE STUDY REQUIREMENTS
Reserve Studies for Condominiums and Planned Communities are legally mandated in Oregon. Whether a condominium or a planned community, the statutory requirements for the reserve study are nearly identical, both are governed by the Oregon Revised Statutes. The Oregon Condominium Act is found in ORS Ch. 100 and The Oregon Planned Community Act is found in ORS 94.550-94.783.
Application of the Oregon Revised Statutes
The board of directors of an association is required to:
- annually conduct a reserve study or review and update an existing study to determine the reserve account requirements (ORS 94.595(3)(a); ORS 100.175(3)(a));
- establish a reserve account to fund major maintenance, repair or replacement of common elements which would normally require major maintenance, repair or replacement in more than one and less than 30 years (ORS 94.595; ORS 100.175) ; and
- prepare a maintenance plan for the maintenance, repair and replacement of all property for which the association has maintenance, repair or replacement responsibility (ORS 100.175).
DO YOU NEED TO CONDUCT A RESERVE STUDY?
Whether a condominium or a planned community, all associations created after October 23, 1999 must have a reserve study and a maintenance plan (ORS 94.595(5)(a); ORS 100.175(6)(a)).
However, all associations formed prior to October 23, 1999 that have a reserve fund can opt into the reserve study requirement. There are two ways to opt into the requirement: either the board of directors can pass a resolution opting-in or a majority of the owners can sign a petition requiring the association to opt-in (ORS 94.595(5)(a); ORS 100.175(6)(a)).
The materials provided on this web site are for information only and are not for the purpose of providing legal advice. We recommend you consult a lawyer to obtain advice and professional assurance with respect to your own specific circumstances.
OREGON STATE RESERVE STUDY
Our team of reserve study professionals work extensively throughout Oregon State.
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