On September 26, 2015, Engrossed House Bill 2122 (the “Bill”) went into effect in the State of Washington, making two seemingly unrelated changes to the laws governing disclosures in real property transactions. The focus of the Bill was to modify how local government authorities may use real estate excise tax revenue. However, the Bill also added significant new disclosure requirements for cities and counties.
The Bill requires all cities and counties to post on the Municipal Research and Services Center’s (MRSC) website: “[a]ny ordinance, resolution, or policy […] that imposes a requirement on landlords or sellers of real property, or their agents, to provide information to a buyer or tenant pertaining to the subject property or the surrounding area […].” The goal of this new requirement is to create a centralized location where sellers, landlords, and their agents can find all disclosure requirements imposed on them prior to selling or renting real property.
Any new ordinance, resolution or policy will not be effective until posted on the MRSC website. Any existing ordinance, resolution or policy must be posted on the MRSC website by December 25, 2015 (i.e., 90 days after the Bill became effective), or the disclosure requirement will no longer be enforceable.
If you have any questions concerning the new disclosure requirements in the Bill, please contact Steve DiJulio or Lee Marchisio at Foster Pepper.