Question:
The outside Co. who handles our neighborhood HOA has implemented a “reserve” assessment on top of our monthly HOA dues and I have declined to pay the “reserve assessment” and just pay the monthly HOA assessment until this new reserve is clarified at a meeting(we have not had one in a year and a half) I will not pay for a reserve assessment that is not in our CCR’s. late fees are being implemented and I want to know if I can fight this. They are not having a meeting and by law are required to do so at least once a year. Questions and concerns are not being answered.
Answer:
Section 64.38.065 of the Washington Homeowners’ Associations Act encourages HOAs to establish a reserve account. If your HOA previously did not have a reserve fund, it has likely decided to start one now. A reserve fund helps protect the HOA from damages and financial strain in the future. It plays a key role in the health of an HOA. Thus, it is best for homeowners to contribute to the reserve account as the HOA board deems fit.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
