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By CondoAssociation.com • January 5, 2018

What states require reserve studies?

In Virginia, state law requires every association to have a Reserve Study. It further requires that the percentage of full funding be disclosed to potential buyers in their purchase packets. The idea, of course, is to inform potential buyers of the financial health of the association before they buy.

Several years ago the the government floated the idea of minimum funding percentage to qualify for VA or HOA loans. That idea didn't get enacted but I'm curious as to how many states require that associations have Reserve Studies. Also, how many require they disclose their funding percentage to perspective buyers. Perhaps some of the regulars on this site will know.

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Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.

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