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What are the requirements for a Condo Association to have a…

What are the requirements...

What are the requirements for a Condo Association to have a Capital Reserve done by an outside agency. This is for the state of Ohio. Can the Board perform one on its own?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state the association is in?

I included that. It is Ohio

Lawyer's Assistant: Has any paperwork been filed?

It is an existing association. The management company says that we must contract with an outside agency or the board members can be held personally responsible.

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Answered in 13 hours by:
11/23/2017
WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 4,595
Experience: Experienced real estate lawyer and real estate broker.
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It is not required to contract with an outside agency, but the officers are in a better position if it is an impartial third party that makes the recommendation regarding the analysis. That way the board members reasonably relied on the experts and they are less at fault and can escape blame. This is a common practice among HOAs in Ohio.

Please rate 4 or 5 stars and close out the question. Good luck to you. I wish you all the best.

WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 4,595
Experience: Experienced real estate lawyer and real estate broker.
Verified
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Customer reply replied 8 months ago
If the board exercises reasonable judgement in their study and things happen down the road that makes the numbers incorrect, are they personally liable? If they use and outside resource and the same thing happens, is the outside source liable.
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