The bill seeks to improve homeownership opportunities in Washington State by revising the statutes related to condominium construction and sales. It amends several sections of the Revised Code of Washington (RCW), including RCW 64.90.670, 64.55.005, 64.90.675, and 64.55.010. Key provisions include the introduction of new implied warranties for condominium units, ensuring that both individual units and common elements are fit for their intended use and constructed to specific standards. The bill also clarifies the conditions under which these warranties can be excluded or modified, particularly for residential units, and establishes requirements for express warranties and warranty insurance for new condominiums. Furthermore, it specifies that certain provisions do not apply to accessory dwelling units organized as condominiums in common interest communities created after the bill's effective date.

In addition to the changes regarding warranties, the bill addresses the sale and regulation of multiunit residential buildings by clarifying the conditions for recording sale prohibition covenants. It mandates that such covenants must be recorded in a specified form in the county where the property is located and prohibits the sale of any dwelling unit as a condominium for a minimum of five years from the date of first occupancy, with certain exceptions. The bill also redefines key terms, including "multiunit residential building," "developer," and "sale prohibition covenant," and introduces provisions regarding the expiration and effective dates of certain sections. Notably, it includes a definition of "multiunit residential building" that encompasses buildings subject to a 2-10 express warranty, providing an alternative to the implied warranty, and establishes that specific sections will expire on January 1, 2028.

Statutes affected:
Original Bill: 64.90.670, 64.90.685, 64.55.100, 64.50.020, 64.55.005, 64.34.050, 64.90.025
Engrossed Bill: 64.90.670, 64.55.005, 64.34.050, 64.90.025, 64.55.010