House Bill 651, now pending in the Maryland General Assembly, would require condominiums and homeowner associations to conduct reserve studies of the common elements and common areas.
It is proposed that new Section 11-109.4 be added to the Maryland Condominium Act, and require that, within 90-days of the meeting at which the unit owners assume control of the council, a reserve study must be conducted of the common elements, and the condominium must conduct a reserve study every five years thereafter. Condominiums established before October 1, 2017 that had a reserve study conducted on or after October 1, 2013 are required to undertake an additional reserve study five years after the previous one, and every five years thereafter. Condominiums established before October 1, 2017 that have not had a reserve study undertaken on or after October 1, 2013 must conduct a reserve study on or before October 1, 2018, and every five years thereafter.
New Section 11B-112.3 would be added to the Maryland Homeowner Association Act so as to provide similar reserve study requirements for the common areas in homeowner associations.
