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Senate adopts amendment to H666 allowing condo deposit use with surety bond and orders third reading
Summary
The Senate adopted a committee amendment to H666 that would let purchasers’ deposits be used for construction if buyers agree and the developer secures a surety bond, and the chamber ordered the bill for third reading.
The Senate on a voice vote adopted a committee amendment to H666 and ordered the bill for third reading. The bill, as reported by the senator from Washington, would allow deposit funds paid to reserve units in condominium or common-interest developments to be used for construction costs if the purchase agreement so permits and the developer obtains and maintains a surety bond to protect purchasers’ deposits.
Senator…
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