The LISE Board is in the beginning stages of learning about the impacts of WUCOIA (Washington Uniform Common Ownership Interest Act) – a new law passed by the legislature that effects common interest communities. The new law effects newly formed common interest communities (HOAs, Condominium associations, Coops, and planned communities with 12 or more units) While Scenic Estates falls into the broad definition of a common interest community, our CC&Rs were in existence before the law took effect exempting us from mandatory compliance. Pre-existing communities like Scenic Estates, can elect to opt-in to compliance under the new regulations through a vote of the membership.
Our legal advisor has weighed in with preliminary information, as have two members (Tim Slater and Ken Swanson) and the LISE board is doing due diligence and trying to determine all possible outcomes from opting-in to the new regulations. In the interest of finding our way through the new regulations and its implications, we invite all members to provide input into the board’s recommendation on whether to opt-in or not before the next AGM.
Washington REALTORS® Legal Hotline Lawyer Annie Fitzsimmons explains WUCIOA in these videos
While LISE is already in compliance with the main points that opting in mandates, there are several consequences of opting in that are not readily apparent and bear due consideration before the membership is due to vote. The final decision is subject to a vote of the membership and is planned to appear at next summer’s Annual General Membership meeting. As this issue evolves over the next several months, we’ll make every effort to get that information to the membership. Like most new legislation, especially one with the kind of sweeping changes of WUCIOA, it is expected that changes will be underway as the law is reviewed.
Here’s a link to a good basic discussion of the new law from the real estate industry point of view: What is WUCIOA and Why Should I Care?