The bill amends RCW 64.90.640, which governs resale certificates for units in common interest communities, by introducing new requirements for their content. It mandates that these certificates be signed by an officer or authorized agent of the association and include a detailed list of disclosures, such as rights of first refusal, current and delinquent assessments, and the association's financial statements. A significant addition is the requirement for the certificate to indicate "NONE" or "RECORDS UNAVAILABLE" for any records not provided. Additionally, the bill allows associations to charge a reasonable fee for preparing the resale certificate, capped at $275, and outlines conditions for unit owners to request updates to the certificate.

The bill also reenacts and amends RCW 64.06.020, which pertains to seller disclosure statements in residential real estate transactions. It reinforces the seller's duty to provide a completed disclosure statement detailing material facts or defects about the property and clarifies the buyer's right to rescind the agreement within three business days if the statement is not provided. New requirements for sellers include disclosing modifications or repairs made to the property, particularly regarding homeowners' association approvals and on-site sewage systems. Furthermore, sellers must report any environmental issues, such as flooding or contamination, ensuring that buyers receive comprehensive information about the property's condition and potential concerns, thereby enhancing transparency in real estate transactions.

Statutes affected:
Original Bill: 64.90.640
Substitute Bill: 64.90.640
Engrossed substitute: 64.90.640
Bill as passed Legislature: 64.90.640
Session law: 64.90.640