Our association is setting up our first reserves fund. Some owners who may be selling in the spring want to be able to take 'their' portion with them? Can they? How is that done?

Regarding the reserves account: No, they can't take it with them.

It would be unwise to modify the condo docs to allow owners to take "their" portion of the reserves with them because it would mean that the condo association could not fully count on those funds. That would discourage investing in repairs and improvements. Also, the money belongs to the association, not the individuals within it. (A seller may be able to work with his/her broker to make the sale contingent on the buyer paying the seller's share of the reserve, but at least one broker tells us it's best to factor that into the selling price rather than hit the buyer with a nonstandard expense.)

Additionally, keep in mind that there are at least two reasons why a reserves is a good investment for a seller: (1) to maintain the building and property to keep the value up and (2) to demonstrate to buyers that yours is a well-run, financially sound condo association that can meet its typical costs without imposing assessments.