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UCIOA Update

The WSCAI LAC actively participated in the political process surrounding Senate Bill 5263, the Uniform Common Interest Ownership Act. A public hearing was conducted in Olympia February 4th with testimony provided by the UCIOA drafting group, representatives of the building and banking industries, homeowners and the LAC co-chairs.

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UCIOA

The Washington State Legislative Action Committee for CAI (LAC) has announced that Senate Bill Senate Bill (SB) 5263 – the Washington State Uniform Common Interest Ownership Act – was filed on January 16, 2015, and referred to the Financial Institutions & Insurance Committee. The sponsors are Senators Pedersen, Benton, Mullet, Fraser, Roach, Hobbs, Rivers, and Fain.

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Condominium and HOA Insurance – Risk Management Budgeting

Each year an association’s board of directors is entrusted with budgeting for the upcoming fiscal year. This would typically be spearheaded by the management firm, if one is retained, and would be predicated on historical information, known increases in pricing of goods and services, and other factors material to your specific needs. One thing is for sure, if you are a condominium association, invariably the insurance premiums can be one of the largest line items on your budget. This is because of the requirement to insure the property.

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Reserve Funding: Condo and HOA Unknowns

The benefits of a reserve study have been well documented and universally accepted. Reserve studies highlight the scope of predictable repair and replacement an association will face over a predefined period, providing not only a roadmap of anticipated costs but a clear plan as to how to navigate and prepare for them. However in spite of its acceptance as a good means of management and financial planning, a reserve study must also be understood for its inherent limitations.

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HOAs and Condos Beware: The Full Cost of Self Management

July/August 2010 Journal
The number one reason homeowner associations self manage is to “save money.” But this myopic attitude often leads to avoidable problems and unnecessary headaches, and in many instances, higher costs over time. The benefits provided by a professional management company often transcend and outweigh the monetary cost of monthly management fees. The troubles self-managed associations face can be grouped into three primary areas

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4 Steps to Taming Homeowner Rage in your HOA

Have you noticed how the “rage” once confined to our roadways has crept into our communities as well?  “Owner Rage” is what we’ve come to call it at our law firm.  But why is it happening?  What forms does it take?  And what can we, as volunteers and professionals, do to contain and defuse it?

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WSCAI Journal March magazine 2023 publication

March 2023 Issue

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