64.34.392 - Reserve account and study -- Exemption -- Disclosure.

Reserve account and study — Exemption — Disclosure.

(1) A condominium association with ten or fewer unit owners is not required to follow the requirements under RCW 64.34.380 through 64.34.390 if two-thirds of the owners agree to exempt the association from the requirements.

     (2) The unit owners must agree to maintain an exemption under subsection (1) of this section by a two-thirds vote every three years.

     (3) Notwithstanding subsections (1) and (2) of this section, a disclosure that the condominium association does not have a reserve study must be included in a unit's public offering statement as required under RCW 64.34.410 or resale certificate as required under RCW 64.34.425.

[2009 c 307 § 1.]