The bill amends RCW 64.90.640 to enhance the requirements for resale certificates in common interest communities. It mandates that unit owners provide a detailed resale certificate to potential purchasers before the execution of any sale contract. This certificate must include a comprehensive list of disclosures, such as any rights of first refusal, current and delinquent assessments, financial statements, insurance coverage, and any legal actions involving the association. Notably, the bill introduces new language requiring the certificate to state "NONE" or "RECORDS UNAVAILABLE" for any categories of records that are not provided. Additionally, it specifies that the resale certificate must include a conspicuous notice outlining the financial obligations and potential risks associated with the unit.

Furthermore, the bill establishes a fee structure for the preparation of resale certificates, capping the charge at $275, with provisions for additional fees for rush services and updates. It also clarifies that unit owners are not liable for erroneous information provided by the association in the resale certificate. The bill allows purchasers to cancel a contract within five days of receiving the resale certificate if it is provided shortly before the contract signing. Lastly, it holds authorized agents accountable for the fees charged and the accuracy of the resale certificate, allowing unit owners to take legal action to enforce compliance with these requirements.

Statutes affected:
Original Bill: 64.90.640
Substitute Bill: 64.90.640
Engrossed substitute: 64.90.640