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What responsibity does the declarant\contractor have

Customer Question
for maintaining reserves prior to...
What responsibity does the declarant\contractor have for maintaining reserves prior to establishing the board.
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 1 hour by:
9/24/2015
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 years ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 119,584
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Under OH law, there is nothing in the statute mandating that the declarant maintain reserves, this is stated in the law as something that has to be in the CC&R or bylaws of the association. See: ORC 5313.06, where the association board has to have a budget which includes reserves unless the declarations or bylaws state otherwise.

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Customer reply replied 2 years ago
According to Ohio Revised Code Section 5311.08 C1 - Until the unit owners association is established the developer\declarant\contractor shall act on behalf of the assocoation and its officers. According to 5311.081 the Board shall set aside not less than 10.0% of the previous year budget. The Board is also responsible for an annual budget.Since the declarants acts on behalf of the association (like the Bpard, and the Board is required to set aside 10.0%, why then isn't the declarant have the responsibility to set aside the 10.0 as required by the law. Any shortfalls he has in cash flow is his cost of doing business, not the association. My thoughts.
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 years ago

Thank you for your reply.

That is all "unless the bylaws or declaration state otherwise," so you need to go back to the declarations/bylaws and see what they provide for as well.

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