Is a Reserve Study Required Annually in California?

California Civil Code 5550 requires a Reserve Study based on a “diligent visual site inspection” at least every third year, but requires the Board review that Reserve Study annually and “consider and implement necessary adjustments”. That’s called an annual Reserve Study update.

EQ Retrofitting in Los Angeles, 2017

Homeowners and Association Managers need to be aware that the City of Los Angeles has passed Ordinances 183893 and 184081, city laws that require the earthquake retrofitting of buildings that fall below current safety standards.

Why Should you Update your Reserve Study

The primary responsibility of the Board of Directors is to maintain, protect, and enhance the assets of the association. Typically, the most significant assets and related expenses of an association are those identified within a Reserve Study. To be an effective planning, communication and disclosure document,

The Big Seven

A typical condominium Reserve Study has 30 to 50 components that meet the criteria for reserve funding according to National Reserve Study Standards, with their associated expenses occurring at varying intervals throughout the 30-year study period.