The bill seeks to strengthen consumer protections for individuals involved in real estate transactions and common interest communities by amending various sections of the Revised Code of Washington (RCW). Key amendments include a requirement for sellers to deliver a completed seller disclosure statement to buyers either after mutual acceptance of a purchase contract or before such acceptance if requested by the buyer. This change ensures that buyers are well-informed about the property's condition prior to finalizing agreements. Additionally, the bill introduces new provisions regarding the appointment of receivers, clarifying the conditions and notice requirements for such appointments, thereby protecting the rights of property owners and other interested parties.

Further amendments enhance the governance and financial management of homeowners' and condominium associations. The bill mandates that associations maintain accurate records of unit owners and their contact information, which must be accessible for examination. It also establishes that associations with 50 or more units must have their financial statements audited annually, while those with fewer units can waive this requirement with owner consent. The legislation empowers the attorney general to issue cease and desist letters for non-compliance, with penalties for violations. Overall, these changes aim to improve transparency, accountability, and consumer protection within real estate transactions and common interest communities, with the act set to take effect on April 1, 2024.

Statutes affected:
Original Bill: 64.06.015, 64.06.030, 64.06.040, 64.32.170, 64.32.200, 64.34.304, 64.34.364, 64.34.372, 64.34.420, 64.34.425, 64.38.045, 64.38.100, 64.90.485, 64.90.495, 64.90.635, 64.90.640