SB352

What it does

• AN ACT TO AMEND TITLE 25 OF THE DELAWARE CODE RELATING TO THE DELAWARE UNIFORM COMMON INTEREST OWNERSHIP ACT.
• This Act strengthens requirements relating to reserve studies to ensure common interest communities have adequate reserves to provide for reliable and timely repairs and replacement projects.
• Reserve studies are budget planning tools to be used by common interest communities to identify components in a community for which the association is responsible for repair and replacement, the useful and remaining life of those components, the estimated cost of repair and replacement, the current status of money available to complete those repairs and replacements, and establishes a funding plan to offset the anticipated costs without reliance on special assessments.
• The goal of this is to ensure maintenance and repair is done in a timely manner to prevent loss of property value and, in the most severe cases, loss of life.