We must make a clear distinction between the legally requirement to have a sinking fund PLAN and the lack of any clear obligation to fund it. That is where the whole things falls apart. The only benefit of requiring an assessment (rather than a fully-funded budget) is that it allows prospective buyers to ask how the Owners Corp plans to pay for all the maintenance they have identified as being necessary in the future. Even if they are planning to wait until the work needs to be done, and then either raise a loan or (heaven forbid) a special levy, it should be written down somewhere so that buyers can truly be aware.