Bill > HB1500

This bill modifies existing law regarding resale certificates for units in common interest communities, which are essentially homeowners' associations (HOAs) or condominium associations that manage shared property. The key changes focus on the content and delivery of these certificates, which are crucial documents provided to potential buyers before they purchase a unit. The bill mandates that if certain information is not available, the certificate must explicitly state "NONE" or "RECORDS UNAVAILABLE" for that category, ensuring transparency. It also updates the requirements for the financial audit report to be the "most recent financial audit report available" instead of a specific past year's report. Furthermore, the bill clarifies that the maximum fee an association can charge for a resale certificate is $275, with an additional $100 for rush service, and prohibits associations from charging extra for electronically available documents or requiring buyers to use third-party payment services. Importantly, the bill introduces new protections for purchasers, stating they are not liable for unpaid assessments exceeding the amount shown on the certificate or for violations of governing documents that the association should have known about at the time of sale. It also clarifies the buyer's right to cancel a contract based on the resale certificate and assigns liability for the accuracy and timeliness of the certificate to the authorized agent preparing it, allowing unit owners to sue for damages and penalties if these requirements are not met.

Housing and Urban Affairs

https://app.leg.wa.gov/billsummary?BillNumber=1500&Year=2025&Initiative=false