Virginia is Just Next Door!

Don’t let our name fool you.  We travel up to Virginia all the time.  Having lived in Northern Virginia and spent my free moments in Washington DC and Richmond, it’s always a pleasure to return.  We perform reserve studies in Williamsburg, Richmond, Lynchburg, Roanoke, Northern Virginia, Virginia Beach, Hampton, Norfolk, Newport News, Chesapeake, and wherever you are.

As you may know, Virginia requires that home owner’s association perform a reserve study at least every five years.  Below are some excerpts of Virginia state law that apply to reserve studies.

 

Code of Virginia – Title 55 Property And Conveyances – Section 55-79.50 Construction of condominium instruments

§ 55-79.50. Construction of condominium instruments

Except to the extent otherwise provided by the condominium instruments:

(a) The terms defined in § 55-79.41 shall be deemed to have the meanings therein specified wherever they appear in the condominium instruments unless the context otherwise requires.

(b) To the extent that walls, floors and/or ceilings are designated as the boundaries of the units or of any specified units, all lath, wallboard, plasterboard, plaster, paneling, tiles, wallpaper, paint, finished flooring and any other materials constituting any part of the finished surfaces thereof, shall be deemed a part of such units, while all other portions of such walls, floors and/or ceilings shall be deemed a part of the common elements.

(c) If any chutes, flues, ducts, conduits, wires, bearing walls, bearing columns or any other apparatus lies partially within and partially outside of the designated boundaries of a unit, any portions thereof serving only that unit shall be deemed a part of that unit, while any portions thereof serving more than one unit or any portion of the common elements shall be deemed a part of the common elements.

(d) Subject to the provisions of subsection (c) hereof, all space, interior partitions and other fixtures and improvements within the boundaries of a unit shall be deemed a part of that unit.

(e) Any shutters, awnings, doors, windows, window boxes, doorsteps, porches, balconies, patios and any other apparatus designed to serve a single unit, but located outside the boundaries thereof, shall be deemed a limited common element appertaining to that unit exclusively; provided that if a single unit’s electrical master switch is located outside the designated boundaries of the unit, the switch and its cover shall be deemed a part of the common elements.

(1974, c. 416; 1982, cc. 206, 545.)

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Last modified: April 16, 2009

Code of Virginia – Title 55 Property And Conveyances – Section 55-79.83:1 Reserves for capital components

§ 55-79.83:1. Reserves for capital components

A. Except to the extent otherwise provided in the condominium instruments and unless the condominium instruments impose more stringent requirements, the executive organ shall:

1. Conduct at least once every five years a study to determine the necessity and amount of reserves required to repair, replace and restore the capital components;

2. Review the results of that study at least annually to determine if reserves are sufficient; and

3. Make any adjustments the executive organ deems necessary to maintain reserves, as appropriate.

B. To the extent that the reserve study conducted in accordance with this section indicates a need to budget for reserves, the unit owners’ association budget shall include, without limitations:

1. The current estimated replacement cost, estimated remaining life and estimated useful life of the capital components;

2. As of the beginning of the fiscal year for which the budget is prepared, the current amount of accumulated cash reserves set aside, to repair, replace or restore the capital components and the amount of the expected contribution to the reserve fund for that fiscal year; and

3. A general statement describing the procedures used for the estimation and accumulation of cash reserves pursuant to this section and the extent to which the unit owners’ association is funding its reserve obligations consistent with the study currently in effect.

(2002, c. 459.)

 

No, we do not moonlight as Virginia State lawmakers, this was simply copied from an online site, so please don’t rely on this site for any legal advice or information.