RCW 64.34.382
Reserve study—Contents.
(1) A reserve study as described in RCW 64.34.380 is supplemental to the association's operating and maintenance budget. In preparing a reserve study, the association shall estimate the anticipated major maintenance, repair, and replacement costs, whose infrequent and significant nature make them impractical to be included in an annual budget.
(2) A reserve study must include:
(a) A reserve component list, including roofing, painting, paving, decks, siding, plumbing, windows, and any other reserve component that would cost more than one percent of the annual budget for major maintenance, repair, or replacement. If one of these reserve components is not included in the reserve study, the study should provide commentary explaining the basis for its exclusion. The study must also include quantities and estimates for the useful life of each reserve component, remaining useful life of each reserve component, and current repair and replacement cost for each component;
(b) The date of the study and a statement that the study meets the requirements of this section;
(c) The following level of reserve study performed:
(i) Level I: Full reserve study funding analysis and plan;
(ii) Level II: Update with visual site inspection; or
(iii) Level III: Update with no visual site inspection;
(d) The association's reserve account balance;
(e) The percentage of the fully funded balance that the reserve account is funded;
(f) Special assessments already implemented or planned;
(g) Interest and inflation assumptions;
(h) Current reserve account contribution rate;
(i) A recommended reserve account contribution rate, a contribution rate for a full funding plan to achieve one hundred percent fully funded reserves by the end of the thirty-year study period, a baseline funding plan to maintain the reserve balance above zero throughout the thirty-year study period without special assessments, and a contribution rate recommended by a reserve study professional;
(j) A projected reserve account balance for thirty years and a funding plan to pay for projected costs from those reserves without reliance on future unplanned special assessments; and
(k) A statement on whether the reserve study was prepared with the assistance of a reserve study professional.
(3) A reserve study shall include the following disclosure:
"This reserve study should be reviewed carefully. It may not include all common and limited common element components that will require major maintenance, repair, or replacement in future years, and may not include regular contributions to a reserve account for the cost of such maintenance, repair, or replacement. The failure to include a component in a reserve study, or to provide contributions to a reserve account for a component, may, under some circumstances, require you to pay on demand as a special assessment your share of common expenses for the cost of major maintenance, repair, or replacement of a reserve component."
[ 2011 c 189 § 4; 2008 c 115 § 2.]
NOTES:
Effective date—2011 c 189: See note following RCW 64.38.065.
Structure Revised Code of Washington
Title 64 - Real Property and Conveyances
Chapter 64.34 - Condominium Act.
64.34.005 - Findings—Intent—2004 c 201.
64.34.030 - Variation by agreement.
64.34.040 - Separate interests—Taxation.
64.34.050 - Local ordinances, regulations, and building codes—Applicability.
64.34.070 - Law applicable—General principles.
64.34.073 - Application of chapter 64.55 RCW.
64.34.076 - Application to common interest communities.
64.34.080 - Contracts—Unconscionability.
64.34.090 - Obligation of good faith.
64.34.100 - Remedies liberally administered.
64.34.200 - Creation of condominium.
64.34.202 - Reservation of condominium name.
64.34.208 - Declaration and bylaws—Construction and validity.
64.34.212 - Description of units.
64.34.216 - Contents of declaration.
64.34.220 - Leasehold condominiums.
64.34.224 - Common element interests, votes, and expenses—Allocation.
64.34.228 - Limited common elements.
64.34.232 - Survey maps and plans.
64.34.236 - Development rights.
64.34.240 - Alterations of units.
64.34.244 - Relocation of boundaries—Adjoining units.
64.34.248 - Subdivision of units.
64.34.252 - Monuments as boundaries.
64.34.260 - Easement rights—Common elements.
64.34.264 - Amendment of declaration.
64.34.268 - Termination of condominium.
64.34.272 - Rights of secured lenders.
64.34.276 - Master associations.
64.34.278 - Delegation of power to subassociations.
64.34.280 - Merger or consolidation.
64.34.300 - Unit owners' association—Organization.
64.34.304 - Unit owners' association—Powers.
64.34.308 - Board of directors and officers.
64.34.312 - Control of association—Transfer.
64.34.316 - Special declarant rights—Transfer.
64.34.320 - Contracts and leases—Declarant—Termination.
64.34.328 - Upkeep of condominium.
64.34.340 - Voting—In person, absentee ballots, proxies.
64.34.344 - Tort and contract liability.
64.34.348 - Common elements—Conveyance—Encumbrance.
64.34.354 - Insurance—Conveyance.
64.34.360 - Common expenses—Assessments.
64.34.364 - Lien for assessments—Notice of delinquency.
64.34.368 - Liens—General provisions.
64.34.372 - Association records—Funds.
64.34.376 - Association as trustee.
64.34.380 - Reserve account—Reserve study—Annual update.
64.34.382 - Reserve study—Contents.
64.34.384 - Reserve account—Withdrawals.
64.34.386 - Reserve study—Demand by owners—Study not timely prepared.
64.34.388 - Reserve study—Decision making.
64.34.390 - Reserve study—Reserve account—Immunity from liability.
64.34.392 - Reserve account and study—Exemption—Disclosure.
64.34.395 - Electric vehicle charging stations.
64.34.400 - Applicability—Waiver.
64.34.405 - Public offering statement—Requirements—Liability.
64.34.410 - Public offering statement—General provisions.
64.34.415 - Public offering statement—Conversion condominiums.
64.34.417 - Public offering statement—Use of single disclosure document.
64.34.418 - Public offering statement—Contract of sale—Restriction on interest conveyed.
64.34.420 - Purchaser's right to cancel.
64.34.430 - Escrow of deposits.
64.34.435 - Release of liens—Conveyance.
64.34.440 - Conversion condominiums—Notice—Tenants—Relocation assistance.
64.34.442 - Conversion condominium projects—Report.
64.34.443 - Express warranties of quality.
64.34.445 - Implied warranties of quality—Breach.
64.34.452 - Warranties of quality—Breach—Actions for construction defect claims.
64.34.455 - Effect of violations on rights of action—Attorney's fees.
64.34.460 - Labeling of promotional material.
64.34.465 - Improvements—Declarant's duties.
64.34.470 - Conversion condominium notice.
64.34.930 - Effective date—1989 c 43.
64.34.931 - Effective date—2004 c 201 §§ 1-13.