Real Estate Q&A

Q: Is it true that Homeowner, Condo, and Co-op associations must have reserve funds?

A: Florida law requires that the association budget include a reserve fund for capital expenditures and deferred maintenance. If an association does not want to have a reserve fund a majority of the owners within the association must vote and agree not to have one. Items typically included for the fund are roof replacement, paving, and exterior painting.

Posted by Donald Urschalitz P.A. at January 20, 2006 02:05 PM