SENATE BILL REPORT
SB 5774
As Reported By Senate Committee On:
Labor, Commerce & Financial Institutions, January 31, 2002
Title: An act relating to condominium resale certificates.
Brief Description: Revising condominium resale certificate fees.
Sponsors: Senators Kohl‑Welles, Winsley and Fairley.
Brief History:
Committee Activity: Labor, Commerce & Financial Institutions: 1/31/02 [DP, DNP].
SENATE COMMITTEE ON LABOR, COMMERCE & FINANCIAL INSTITUTIONS
Majority Report: Do pass.
Signed by Senators Prentice, Chair; Keiser, Vice Chair; Fairley, Franklin, Gardner, Rasmussen and Regala.
Minority Report: Do not pass.
Signed by Senators Benton, Deccio, Hochstatter and Honeyford.
Staff: David Cheal (786‑7576)
Background: When a condominium unit is resold, after the initial sale, the law requires the seller to provide a very detailed disclosure statement. Among the required information are such things as any special assessments against any unit that are past due, a current balance sheet for the condominium home owners' association, and the current operating budget of the association. There are 17 items required. Most of the information has to be compiled by the association and signed by an officer or authorized agent. The association must provide the information within ten days of a request by a unit owner. The association may charge the requester a reasonable fee not to exceed $150.
Summary of Bill: The limit on the fee that a homeowner's association may charge a requesting unit owner for a resale certificate is increased from $150 to $250.
Appropriation: None.
Fiscal Note: Not requested.
Effective Date: Ninety days after adjournment of session in which bill is passed.
Testimony For: The assembly of the material required by law to be included in a resale certificate is very time consuming and complex. The requested increase just keeps pace with inflation since 1990 when the current level was set.
Testimony Against: None.
Testified: PRO: Leland Hagen Dorf, Phillips; Jim Comin, CDC Management.