SmartProperty® helps West Virginia condominiums and HOAs plan and fund their reserves. West Virginia doesn’t require established associations to study or fund reserves, which leaves the board’s fiduciary duty and lender rules as the working standards.
West Virginia’s Uniform Common Interest Ownership Act asks developers to disclose reserves and gives associations the power to budget for them. It requires nothing further.
If a roof, paving or pool failure forces a large special assessment, owners can sue for negligence and breach of fiduciary duty. A study shows the board made informed decisions.
Our guide notes that reserve problems can come out during a sale even with limited state disclosure. An association with weak reserves can land on a lender’s ineligible list, and buyers are left with cash only.
Below Fannie Mae’s 15% minimum, an association needs a study completed or updated within three years and a budget that funds its highest recommended contribution. Baseline funding is no longer accepted.
A site-inspected study to start, then updates as costs and conditions change, so the board always has a current plan.
The Living Reserve Study® updates as projects are completed and costs change, so your plan is ready for the next update or budget.
Model higher contributions, special assessments, loans or lines of credit side by side before you take a recommendation to owners.
Atlas shows the cost data and useful-life assumptions behind every figure, so boards can answer owner questions with confidence.
See how the Living Reserve Study® works for your community, or tell us about your association and we’ll put together a proposal.
Photo via Wikimedia Commons: New River Gorge: Janusz Sobolewski, CC BY 2.0. West Virginia law summary is not legal advice. Confirm your association’s obligations with West Virginia counsel.