Tennessee Condominium Act -- Reserve Study Requirement
Mandates a reserve study for condominium associations whose common elements have an aggregate replacement cost exceeding $10,000 and that have not had a reserve study conducted on or after January 1, 2020. The board must require a reserve study to be conducted on or before January 1, 2025, and must update the study every 5 years. The board must review reserve funding annually for adequacy. The study must be made available to unit owners via email or community website. Exceptions: (A) boards controlled by a declarant; (B) condominiums titled to a single owner; (C) husband and wife who own the condominium as tenancy by the entirety.
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| Ref | Requirement |
|---|---|
| (g) | Common elements with an aggregate replacement cost exceeding ten thousand dollars ($10,000) |
| Ref | Requirement |
|---|---|
| The study must be made available to unit owners via email or community website. | |
| Mandates a reserve study for condominium associations whose common elements have an aggregate replacement cost exceeding $10,000 and that have not had a reserve study conducted on or after January 1, 2020. | |
| The board must review reserve funding annually for adequacy. | |
| The board must require a reserve study to be conducted on or before January 1, 2025, and must update the study every 5 years. | |
| (g) | Shall require that a reserve study be conducted on or before January 1, 2025 |
| (g) | Shall update the study every five (5) years |