Washington § 64.34.380 - Reserve account — Reserve study — Annual update. (Effective until January 1, 2028.)

Full text of Washington Revised Code of Washington § 64.34.380 — Reserve account — Reserve study — Annual update. (Effective until January 1, 2028.), with citation guidance and answers to common questions.

§ 64.34.380. Reserve account — Reserve study — Annual update. (Effective until January 1, 2028.)

(1) An association is encouraged to establish a reserve account with a financial institution to fund major maintenance, repair, and replacement of common elements, including limited common elements that will require major maintenance, repair, or replacement within thirty years. If the association establishes a reserve account, the account must be in the name of the association. The board of directors is responsible for administering the reserve account.
(2) Except as provided in RCW 64.90.080 and 64.90.545, unless doing so would impose an unreasonable hardship, an association with significant assets shall prepare and update a reserve study, in accordance with the association's governing documents and RCW 64.34.224(1). The initial reserve study must be based upon a visual site inspection conducted by a reserve study professional.
(3) Except as provided in RCW 64.90.080 and 64.90.545, unless doing so would impose an unreasonable hardship, the association shall update the reserve study annually. At least every three years, an updated reserve study must be prepared and based upon a visual site inspection conducted by a reserve study professional.
(4) Except as provided in RCW 64.90.080 and 64.90.545, this section and RCW 64.34.382 through 64.34.392 apply to condominiums governed by chapter 64.32 RCW or this chapter and intended in whole or in part for residential purposes. These sections do not apply to condominiums consisting solely of units that are restricted in the declaration to nonresidential use. An association's governing documents may contain stricter requirements.
[ 2019 c 238 s 220; 2011 c 189 s 3; 2008 c 115 s 1.]

Notes

Effective date—2011 c 189: See note following RCW 64.38.065.

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 64.34.380

What does Revised Code of Washington § 64.34.380 cover?

Section 64.34.380 ("Reserve account — Reserve study — Annual update. (Effective until January 1, 2028.)") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

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