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 assessments due, the association's financial statements, and any legal actions involving the association. Notably, the bill introduces new language requiring the certificate to state "NONE" or "RECORDS UNAVAILABLE" for any records not provided, and it specifies that the most recent financial audit report must be included. Additionally, it outlines the maximum fees that can be charged for preparing the resale certificate and stipulates that unit owners are not liable for erroneous information provided by the association.

Furthermore, the bill establishes that purchasers have the right to cancel a purchase contract within five days of receiving the resale certificate if it is provided shortly before the contract signing. It also clarifies the liability of authorized agents who charge fees for the resale certificate, holding them accountable for the accuracy and timeliness of the information provided. The legislation aims to protect both unit owners and purchasers by ensuring transparency and accountability in the resale process within common interest communities.

Statutes affected:
Original Bill: 64.90.640
Substitute Bill: 64.90.640