M.G.L. c. 183A, §10(b)
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Condominium Replacement Reserve Fund Requirement
Requires all condominiums to maintain an adequate replacement reserve fund, collected as part of common expenses and deposited in accounts separate and segregated from operating funds. No professional reserve study is mandated. Fund adequacy is not defined by statute. Pending legislation (S.980, Condominium Owners' Rights Act) would require reserve studies for condominiums with 50+ units every 10 years.
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Enforcement
| Ref | Requirement |
|---|---|
| Fund adequacy is not defined by statute. |
Reserves
| Ref | Requirement |
|---|---|
| Pending legislation (S.980, Condominium Owners' Rights Act) would require reserve studies for condominiums with 50+ units every 10 years. | |
| Requires all condominiums to maintain an adequate replacement reserve fund, collected as part of common expenses and deposited in accounts separate and segregated from operating funds. | |
| No professional reserve study is mandated. |
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