Condominium resales in Washington require:
Question & Answer
Review the question and all answer choices
No special documents
Option A is incorrect because Washington law specifically requires a resale certificate for condominium transactions. This document provides essential information about the association's finances, rules, and any pending litigation that could affect the property value or buyer's obligations. Without this certificate, buyers cannot make fully informed decisions, making it a mandatory requirement in Washington condominium resales.
Resale certificate from the association
Only financial statements
Financial statements alone are insufficient because they don't provide the comprehensive disclosure required by Washington law, which includes information about rules, regulations, and potential liabilities that go beyond just financial data.
Government approval
Government approval is not required for condominium resales in Washington; this is a private transaction between buyer and seller governed by state condominium law, not requiring public agency approval.
Why is this correct?
Washington State law specifically requires a resale certificate from the condominium association for all condo resales. This document provides essential information about the association's financial status, pending legal matters, and other critical factors that affect property value and obligations.
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