Rhode Island H7609 amends the Condominium Law to apply reserve study and reserve account requirements to condominiums created before July 1, 1982.

Rhode Island H7609 amends the Condominium Law to extend the applicability of reserve study and reserve account requirements to condominiums created before July 1, 1982. This means that all condominiums, regardless of their creation date, must now have a reserve study that identifies common elements requiring maintenance, repair, or replacement, and an association reserve account to fund these expenses. The reserve study must be conducted by a licensed engineer or architect and reference estimated funds from annual assessments.

Rhode Island H7609 amends the Condominium Law to apply reserve study and reserve account requirements to condominiums created before July 1, 1982.

Rhode Island H7609 amends the Condominium Law to extend the applicability of reserve study and reserve account requirements to condominiums created before July 1, 1982. This means that all condominiums, regardless of their creation date, must now have a reserve study that identifies common elements requiring maintenance, repair, or replacement, and an association reserve account to fund these expenses. The reserve study must be conducted by a licensed engineer or architect and reference estimated funds from annual assessments.