Are reserve studies required in Washington State?

The straightforward answer is yes, in the state of Washington, Homeowners Associations (HOAs) are generally required to conduct a reserve study and update it annually unless specific exemptions apply. In the earlier versions of Washington’s Condominium Act, there was some ambiguity surrounding the requirement for a reserve study. Associations were not obligated to perform a reserve study if they could demonstrate a “financial hardship.” However, the law didn’t provide a clear definition of what constituted a financial hardship, leading to confusion among many associations. Some associations, considering the cost of reserve studies too high, declared themselves under financial hardship to avoid conducting one.

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