Question:
We have a 13 acre common area behind 5 of our homes. People have stated that we do not need to have a reserve fund put aside for it. It is a forest and also next to BLM land. I think because it is a fire hazard and will cost about $15,000 every 15 to 20 years to clear it that there should be a reserve fund.
– Patricia
Answer:
Hi Patricia,
It depends if your HOA is responsible for that area. If, according to your governing documents, the HOA is responsible for maintaining that area, then it is also generally responsible for setting aside reserves for it. It is worth finding out if the Bureau of Land Management also bears any responsibility when it comes to maintenance and repairs should an incident occur.
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