H-0292.1  _______________________________________________

                          HOUSE BILL 1570

          _______________________________________________

State of Washington      55th Legislature     1997 Regular Session

By Representatives Sherstad, L. Thomas, Mielke, Smith, Cairnes, Dunn, Thompson, McMorris, Crouse and Honeyford

Read first time 01/30/97.  Referred to Committee on Commerce & Labor.

Exempting the transfer of new residential construction from disclosure requirements.

    AN ACT Relating to disclosure for transfers of new residential construction; and amending RCW 64.06.010.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

    Sec. 1.  RCW 64.06.010 and 1994 c 200 s 2 are each amended to read as follows:

(1) Except as provided in subsection (2) of this section, this chapter does not apply to the following transfers of residential real property:

    (((1))) (a) A foreclosure, deed-in-lieu of foreclosure, or a sale by a lienholder who acquired the residential real property through foreclosure or deed-in-lieu of foreclosure;

    (((2))) (b) A gift or other transfer to a parent, spouse, or child of a transferor or child of any parent or spouse of a transferor;

    (((3))) (c) A transfer between spouses in connection with a marital dissolution;

    (((4))) (d) A transfer where a buyer had an ownership interest in the property within two years of the date of the transfer including, but not limited to, an ownership interest as a partner in a partnership, a limited partner in a limited partnership, a shareholder in a corporation, a leasehold interest, or transfers to and from a facilitator pursuant to a tax deferred exchange;

    (((5))) (e) A transfer of an interest that is less than fee simple, except that the transfer of a vendee's interest under a real estate contract is subject to the requirements of this chapter; ((and

    (6))) (f) A transfer made by the personal representative of the estate of the decedent or by a trustee in bankruptcy; and

(g) A transfer of new residential construction, if the seller is registered under chapter 18.27 RCW, and if the buyer is the first purchaser and occupant.

(2) This chapter applies to transfers of residential real property exempt under this section, if the seller provides to the buyer a completed real property transfer disclosure statement in the form described in RCW 64.06.020(1).

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