In the Interest of Full Disclosure – Tacoma Law Day
On Saturday March 7, 2015, Attorneys Jennifer Hill and Peter Wilburn presented In the Interest of Full Disclosure at Tacoma Law Day, presented by the Washington State Community Association Institute at the Tacoma Convention Center. Ms. Hill and Mr. Wilburn’s presentation covered many of the ways Condominium and Homeowner’s Associations are statutorily obligated to share information with owners, mortgagees and potential purchasers. The topics included Reserve Studies and what is required to be included; Disclosures included in budgets and budget summaries; what is considered an Association Record, and the manner in which those records can and should be shared with owners and mortgagees; Public Offering Statements and Resale Certificates; and some of the risks Boards of Directors and Associations undertake with respect to disclosing (or not disclosing) this information. The presentation was well-received by participants made up of board members, Association managers and attorneys.