RI S2692

Condominiums 20 years or older must commission a conditions survey by a licensed engineer, architect, or building inspector to identify safety hazards, needed repairs, and structural integrity issues, with results and repair plans shared with all unit owners.

New condominium declarants must conduct both a conditions survey and initial reserves study within 6 months of completing final construction; associations without a recent reserves study must conduct one within 12 months of the act's effective date.

Reserves studies must be conducted every 5 years by a certified reserves study specialist or licensed professional engineer, evaluating useful life, repair costs, and annual funding needs for common elements.

Associations must maintain a separate reserves account funded by at least 15% of monthly assessment fees by January 1, 2027, to be used exclusively for structural repairs, conditions survey work, and reserves studies.

Executive boards must develop repair plans addressing conditions survey findings and engage in strategic planning that incorporates reserves study recommendations, with annual progress reports to unit owners; the act takes effect January 1, 2028.