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What are items are covered in a home owners association reserve account?
Wiki User
∙ 11y ago
The items covered in a home owners association reserve account typically include major repairs and replacements for common areas and amenities, such as roofs, siding, roads, landscaping, pool equipment, and clubhouse maintenance. The reserve account is funded through regular contributions from homeowners to ensure there are sufficient funds available for these future expenses.
Wiki User
∙ 11y agoYour treasurer, president, or association manager can help you review your Reserve Study, or other source of funding for your reserve account.
Typically, the reserve account covers major asset replacement or repairs, for elements such as roofs, windows, elevators, asphalt and so forth. It may also cover amenities, such as pool, club house furniture -- depending on your association's assets.
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Should capital contributions be removed from homeowners association governing documents and why?
Another contributor can give you the answer you want.Here's why all association governing documents should specify capital contributions:Generally, state law requires capital contributions and Reserve StudiesThe pay-as-you-go, live-in rule dictates that while you live there, you can pay for the uses of the capital assetsNo savvy buyer will purchase real estate in an association with no capital contributions -- and a reserve study to support the contributionsNot many owners can pay the substantial special assessments required when there is no capital contribution account -- usually called the reserve account, to pay for repairs of capital assets.
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