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LEVELS OF RESERVE STUDIES
LEVEL 1 - STANDARD REPORT - SAMPLE
Level 1 - The first level, an initial Reserve Study, must be based upon a visual site inspection conducted by a Reserve Study Professional. Typically an association will only have one Level 1 reserve study completed.
LEVEL 2 – STANDARD REPORT – SAMPLE
Level 2 - At least once every three years, an updated Reserve Study must be prepared and based upon a visual site inspection conducted by a Reserve Study Professional. This is also known as an Update with Site Visit.
LEVEL 3 – STANDARD REPORT – SAMPLE
Level 3 - Every year, the Association is required by law to update the Reserve Study. Except as noted above, the annual updates do not require a site visit. This is also known as an Update without Site Visit.
LEVEL 4 – STANDARD REPORT – SAMPLE
Level 4 - A reserve study for communities under construction as a Preliminary, Community Not Yet Constructed. This reserve study requires site/construction documents and no site visit.
Reserve Disclosure - We will prepare a Reserve Disclosure in accordance with RCW 64.34.308 (for condominiums) and RCW 64.38.028 (for homeowners’ associations) at no additional charge within one year of issuing the draft report of an association’s reserve study.