E2SSB 5258 — Increasing the supply and affordability of condominium units and townhouses as an option for homeownership.

What this bill does

Makes the statutory qualified warranty program available to developers of condominiums subject to the Washington Uniform Common Interest Ownership Act rather than the Washington Condominium Act. Requires a claimant in a construction defect action commenced after the effective date of the bill to follow additional requirements before an action against a construction professional may be filed. Provides that in a construction defect dispute involving a multiunit residential building, a complaint must have been filed and served before a declarant, association, or party unit owner may make an offer of judgment. Requires only earnest money deposits, rather than any deposit, to be placed in escrow. Removes provisions limiting the deposit made in connect with purchasing a unit to 5 percent of the purchase price and instead applies the 5 percent limit to the amount of deposit funds that can be used for construction costs. Modifies local government planning related to the construction of condominiums. Exempts certain sales of condominium units and townhouses from the real estate excise tax. Creates the Down Payment Assistance Account and specifies that moneys in the account may only be used for payment towards down payment assistance loans offered by the Washington State Housing Finance Commission (Commission) for persons purchasing a condominium or townhouse. Requires, beginning in fiscal year 2025, the Legislature to appropriate from the State General Fund to the Down Payment Assistance Account an amount equal to the real estate excise tax revenue collected on sales of condominiums or townhouses to persons accessing down payment assistance loans offered by the Commission during the previous calendar year.

From the Washington State Legislature's nonpartisan staff bill analysis. Read the full analysis ↗

Floor votes

• House — Final Passage as Amended by the House · April 20, 2023
  98 yea · 0 nay
• Senate — Final Passage as Amended by the House · April 21, 2023
  49 yea · 0 nay
• Senate — 3rd Reading & Final Passage · March 31, 2023
  48 yea · 0 nay · 1 not voting

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