Bill > HB1500

This bill modifies the existing law regarding resale certificates for units in common interest communities (such as condominiums), establishing more detailed requirements for what information must be included in these certificates and how they are prepared and delivered. The bill requires that when a unit is being sold, the association must provide a comprehensive resale certificate that includes over 25 specific details, ranging from financial information like assessment amounts and budget details to operational information like insurance coverage, legal actions, and potential restrictions on unit use. The certificate must now include a statement of "NONE" or "RECORDS UNAVAILABLE" for each category if information is not provided. The bill also sets clear guidelines for the process and cost of preparing these certificates, limiting the fee to $275 (with an optional $100 rush service charge) and prohibiting associations from requiring owners to use third-party services to obtain the certificate. Additionally, the bill provides protections for purchasers, allowing them to cancel a purchase contract within five days of receiving the resale certificate under certain circumstances, and limiting their liability for unpaid assessments or unknown violations. The legislation aims to provide more transparency and consumer protection in real estate transactions within common interest communities.

Housing and Urban Affairs

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