By a vote of 135-1, the Maryland House of Delegates has passed House Bill 651, which would require condominiums and homeowner associations to conduct reserve studies of the common elements and common areas. As discussed in an earlier post, the new law would provide 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.
Also under the bill, similar reserve study requirements would be established for the common areas in homeowner associations.
