Lawmakers pass condo liability reform
Both houses of the Washington Legislature settled on key Condo Liability Reform (SB 5334) that has now been signed into law by Washington Governor Jay Inslee. The measure is one of the top priorities of the Washington State Association of REALTORS®.
Washington State lags behind other states in building condominiums, due in large part to onerous liability laws. REALTORS® support liability reforms to ensure that new condominiums are an affordable home ownership option in both urban and suburban areas. Liability risks for new condominium development and conversions have reduced condominium supply and increased costs such that the few new condominiums are priced beyond the reach of first-time home buyers. Increasing the supply of affordable condominiums is necessary to provide first-time home ownership opportunities and meet the urban growth objectives of the Growth Management Act.