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, rights of first refusal, financial statements, and various other obligations and conditions related to the unit and the association. Notably, the bill introduces new language requiring the inclusion of statements indicating "NONE" or "RECORDS UNAVAILABLE" for any records not provided, as well as a notice regarding the financial obligations associated with the unit.

Additionally, the bill establishes a cap on the fees that associations can charge for preparing resale certificates, set at $275, with provisions for additional charges for expedited services. It also clarifies that unit owners are not liable for erroneous information provided by the association in the resale certificate and allows purchasers to cancel contracts under specific conditions related to the timing of receiving the resale certificate. The bill further holds authorized agents accountable for the fees charged and the accuracy of the resale certificates, allowing unit owners to seek legal recourse for any violations.

Statutes affected:
Original Bill: 64.90.640
Substitute Bill: 64.90.640