Condo Structural Integrity Reserve Study
Here are some of the requirements and recommendations for condominiums under SB-4D:
Milestone Inspection: A milestone inspection is a structural inspection of a building performed by a licensed architect or engineer. The inspection must be conducted when the building reaches:
25 years of age, based on the date the certificate of occupancy for the building was issued; or
30 years of age, based on the date the certificate of occupancy for the building was issued, if the local enforcement agency determines that local circumstances, such as proximity to salt water, require a more frequent inspection.
Reserve Study: A reserve study is an analysis of the building's structural condition and the estimated costs of future repairs and replacements. The study must be updated every 10 years.
Visual Inspection: A visual inspection is a review of the building's exterior, interior, and common areas that should be conducted by a qualified professional every year.
Financial Reserves: Condominium associations must maintain sufficient financial reserves to cover the cost of future repairs and replacements. The amount of reserves required will vary depending on the specific building.
Transparency: Condominium associations must be transparent with unit owners about the building's condition and the financial status of the association. This includes providing unit owners with regular reports on the building's condition and the association's financial status.
Enforcement: Local enforcement agencies are responsible for enforcing the requirements of SB-4D. This includes ensuring that condominium associations comply with the requirements for milestone inspections, reserve studies, visual inspections, and financial reserves.
We’d love to hear from you!
Have a question or need a quote? Contact us for your Milestone Inspection and Structural Integrity Reserve Study needs. Fill out the below form and a firm representative will be in touch!