Lauren Bunting Broker MD & DE

HB-107 Reserve Study Wrap-Up

Thursday, June 08, 2023, Lauren Bunting

In the past two week’s article, we reviewed the Maryland General Assembly new legislation requiring all condominiums, homeowner associations, and housing cooperatives to undertake regular reserve studies of common area components, under House Bill 107.  In this week’s article, we will wrap up provisions of the new law as they relate to who can conduct the reserve study and requirements of associations in providing the reserve study information to owners. 

 

The House Bill 107/Reserve Study law requires a community that has not had a reserve study on or after October 1, 2018, to undertake one no later than October 1, 2023, and that study must also be updated every five years thereafter. 

Some additional requirements of the law as they relate to having the reserve study conducted are each reserve study must be prepared by an individual who: 

• has prepared at least 30 reserve studies for the applicable type of community within the prior three calendar years; 
• holds a current license from the State Board of Architects or the State Board for Professional Engineers; or 
• is currently designated as a reserve specialist by the Community Association Institute or a professional reserve analyst by the Association of Professional Reserve Analysts. 

Additionally important to note for association boards is that each reserve study must: 

• be available for inspection and copying by any unit owner or lot owner; 
• be reviewed by the governing body of the cooperative, condominium, or HOA annually in connection with preparing the annual budget; and 
• be summarized for submission with the annual proposed budget to the unit owners or lot owners.

Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.

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