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Once every three years, California Civil Code requires most homeowners associations to have a visual inspection of the common area performed... So what happens during the site inspection?
Well-Funded & Poorly-Funded
Here are some general guidelines.
While percent funded does help to explain the current standing of an association's financial situation, it is not the whole story and can be misleading.
Reserve studies are a look forward at the current expected maintenance obligations. Boards should consider going a step further.