Bill > HB5342

This bill clarifies the process for purchasers to cancel contracts when buying a unit in a common interest community, particularly concerning the "resale certificate," which is a document providing crucial information about the unit and the homeowners' association (HOA). The bill specifies that if a purchaser receives the resale certificate, or is notified that it's unavailable, before a contract is ratified, they have a set period to cancel, or three days if no period is agreed upon. If this happens after ratification, the purchaser has a set time after receiving the certificate or unavailability notice to cancel, or three days if no time is specified. Furthermore, if the resale certificate is never delivered, the purchaser can cancel at any time before settlement. Any cancellation must be in writing to the seller, and the purchaser must prove delivery, with cancellations being penalty-free and entitling the purchaser to the prompt return of any deposits. If multiple HOAs are involved, the cancellation period starts when the last resale certificate is delivered.

Government Affairs

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=5342&year=2026&sessiontype=RS&btype=bill