No — North Dakota does not mandate reserve studies or reserve funding for HOAs or condo associations, but it does have a reserve-focused sale disclosure law. N.D. Cent. Code § 47-10-02.3 requires the seller of any property subject to an HOA or condominium project to disclose the amount of reserve and capital funds available and committed to projects, the current operating and reserve budgets, and whether the association uses a reserve study. The condominium chapter itself (N.D. Cent. Code ch. 47-04.1) contains no reserve-study or funding provisions.
Verified against the statute 2026-07-06
The disclosure duty in § 47-10-02.3 applies to sellers of any property subject to the rules of a homeowners' association or a condominium project — covering both planned-community HOAs and condos, with no size or height thresholds. No North Dakota association of any type is required to actually perform a reserve study or fund reserves.
No statutory cycle — a reserve study is never required; the law only requires disclosing at sale whether the association uses one.
No statutory funding requirement, minimum contribution, or waiver framework. Associations set reserve levels through their own budgets and governing documents; the statute only requires those reserve budgets and fund balances to be disclosed to buyers at sale.
Under N.D. Cent. Code § 47-10-02.3, by a mutually agreed date or within 10 days of executing a purchase agreement the seller must disclose the amount of reserve and capital funds available and committed to current or pending projects, whether the association uses a reserve study, and the current operating and reserve budgets with a year-to-date financial statement. The purchase contract is voidable by the buyer until the documents are provided and for five days after receipt, or until conveyance, whichever occurs first.
For sales of property subject to an HOA or condominium project, the seller must disclose by a mutually agreed date or within 10 days of executing the agreement: 'the amount of reserve and capital funds available and committed to current or pending projects' (2)(d), 'whether the homeowners' association or condominium project uses a reserve study' (2)(e), and 'the current operating and reserve budgets and year-to-date financial statement' (2)(f); the association must furnish the documents within 10 days of a seller's request.
North Dakota's condominium chapter; it governs creation, common areas, and management of condominiums but contains no reserve-study, reserve-funding, or reserve-disclosure provisions.
Extracted full text from the official ndlegis.gov chapter PDFs: § 47-10-02.3(2)(d)–(f) confirmed verbatim (reserve and capital fund amounts, whether a reserve study is used, current operating and reserve budgets with year-to-date financial statement), along with the mutually-agreed-date/10-day disclosure timing (subsection 2), the association's 10-day duty to furnish documents (subsection 5), and buyer voidability until delivery plus five days or conveyance (subsection 6); chapter 47-04.1 was searched in full and contains no reserve-fund or reserve-study provision (only 'reserved' land grants and 'reservoirs'). Informational only — not legal advice. Confirm with the primary source and a community-association attorney licensed in North Dakota. Report an issue.
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