[WSBARP] Is Public Offer Statement the same as CC&R for a new construction condominium

[Douglas Owens]

Dear Ms. Li, the POS under RCW 64.34.410 is required to include the CC&Rs (called the declaration in the statute) but it must also include a great deal more.  If the client has never received the POS, then the client has the right to rescind up to seven days after receipt of the POS, not merely the CC&Rs.  If only the CC&Rs are provided, then the seller has still not complied and I believe the buyer can rescind up to closing.  Yours truly, Doug Owens

On May 28, 2021, at 11:35 AM, Carol Li <li.carol1004 at gmail.com<mailto:li.carol1004 at gmail.com>> wrote:

PC wants to back out of a new construction townhouse purchase and gets his refund of the EMs. On the purchase agreement he signed, the project opted in WUCIOA and states" Buyer has the right to cancel the contract within 7 days after receiving the Public Offering Statement under RCW 64.90.635 if the POS is not provided before entering the agreement"
PC and his agent never received any condo paperwork from the listing agent or the builder. Now, they requested when they can receive the Public Offering Statement, the listing agent replied" The CC&R should be ready within 45 days".
Now the question is, does this "CC&R" equals the POS in the contract? Does PC have the right to cancel the contract and get his refund of EMs within 7 days after receiving this CC&R?

Thank you very much. Have a great weekend!

--
Carol Li
Phone: 425 232 0316
 "When you think positive, good things happen"
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