Oregon requires covered planned communities [ORS 94.595] and residential condominiums [ORS 100.175] to conduct a reserve study or review and update the existing study every year, and to keep a reserve account. The rule does not cover Class II planned communities, and it covers Class III planned communities only if the declaration says so. For communities recorded before October 23, 1999 whose documents require a reserve account, it applies after a board resolution or owner petition. Condominiums of one or two units are generally exempt.
Last verified October 12, 2026 by ReservePath research.
| Reserve study required | For some associations |
|---|---|
| Applies to | HOAs and planned communities, Condominiums |
| How often | Every year |
| Site inspection required | Not required by statute |
The declarant must conduct an initial reserve study. After that, the board of a covered planned community or residential condominium must each year conduct a reserve study or review and update the existing one [ORS 94.595(1) and (3), ORS 100.175(1) and (3)]. Class II planned communities are not covered, and Class III planned communities are covered only if their declaration says so [ORS 94.570]. For communities and condominiums recorded before October 23, 1999 whose documents require a reserve account, the study rule first applies after a board resolution or a petition by a majority of owners [ORS 94.595(5), ORS 100.175(6)]. Condominiums of one or two units are generally exempt [ORS 100.175(5)]. (see sources)
ORS 94.595 and ORS 100.175 list the financial inputs and contents of the study. They do not mention a physical or visual inspection. (see sources)
We found no statewide rule on this in the statutes listed under Sources.
The association must keep a reserve account for major maintenance, repair and replacement of items that normally need work in more than one and less than 30 years, plus exterior painting where the association maintains painted surfaces. Items that can reasonably be funded from the general budget are excluded. Reserve funds must be kept separate and used only for their purpose, with limited board borrowing after turnover under a written repayment plan. After the turnover meeting the board may elect not to fund the reserve account for the following year only with the approval of all owners. The board must also prepare a maintenance plan and review and update it as needed. (see sources)
Within 30 days after adopting the annual budget, which must include the money to be put into the reserve account, the board must give a summary of the budget to all owners [ORS 94.645, ORS 100.483]. The association must keep a copy of the reserve study, if any, and furnish it within 10 business days after an owner's written request [ORS 94.670(10) and (11), ORS 100.480(10) and (11)]. A condominium developer must file a copy of the reserve study with the Real Estate Commissioner unless the information is in the disclosure statement, and the disclosure statement must identify the basis for the reserve assessment [ORS 100.635(1)(g), ORS 100.655(1)(h)]. (see sources)
The statutes reviewed do not set qualifications for the person who prepares the study. The declarant conducts the initial study and the board conducts later ones. (see sources)
ReservePath supports full studies, updates with a site visit and updates without one, 30-year funding projections, and study renewal reminders based on the cycle you set for each study. It includes in-app compliance guidance for each state as a starting point. The preparer and the association's attorney remain responsible for confirming what the law requires.
The declarant must conduct an initial reserve study. After that, the board of a covered planned community or residential condominium must each year conduct a reserve study or review and update the existing one [ORS 94.595(1) and (3), ORS 100.175(1) and (3)]. Class II planned communities are not covered, and Class III planned communities are covered only if their declaration says so [ORS 94.570]. For communities and condominiums recorded before October 23, 1999 whose documents require a reserve account, the study rule first applies after a board resolution or a petition by a majority of owners [ORS 94.595(5), ORS 100.175(6)]. Condominiums of one or two units are generally exempt [ORS 100.175(5)].
Every year under the statutes listed on this page. ORS 94.595 and ORS 100.175 list the financial inputs and contents of the study. They do not mention a physical or visual inspection.
The statutes reviewed do not set qualifications for the person who prepares the study. The declarant conducts the initial study and the board conducts later ones.
The association must keep a reserve account for major maintenance, repair and replacement of items that normally need work in more than one and less than 30 years, plus exterior painting where the association maintains painted surfaces. Items that can reasonably be funded from the general budget are excluded. Reserve funds must be kept separate and used only for their purpose, with limited board borrowing after turnover under a written repayment plan. After the turnover meeting the board may elect not to fund the reserve account for the following year only with the approval of all owners. The board must also prepare a maintenance plan and review and update it as needed.
Within 30 days after adopting the annual budget, which must include the money to be put into the reserve account, the board must give a summary of the budget to all owners [ORS 94.645, ORS 100.483]. The association must keep a copy of the reserve study, if any, and furnish it within 10 business days after an owner's written request [ORS 94.670(10) and (11), ORS 100.480(10) and (11)]. A condominium developer must file a copy of the reserve study with the Real Estate Commissioner unless the information is in the disclosure statement, and the disclosure statement must identify the basis for the reserve assessment [ORS 100.635(1)(g), ORS 100.655(1)(h)].
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