Relating to the cancellation of contract by purchaser

HB 5342 Text

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Introduced Version

House Bill 5342 History

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WEST VIRGINIA LEGISLATURE
2026
REGULAR SESSION
Introduced
House Bill 5342
By Delegates Lucas, Clark, Dean, Crouse, and Worrell
[Introduced February 09, 2026; referred to the Committee on Government Organization]
A BILL to amend and reenact §36B-4-109 of the Code of West Virginia, 1931, as amended, relating to clarifying how resales of real property units can be cancelled by purchasers when resale certificates are not provided, providing steps to be taken by a seller in the event that a resale certificate is unavailable, and providing a time period for cancellation when none is specified in the sales contract.
Be it enacted by the Legislature of West Virginia:

article 4. protection of purchasers.

§36B-4-109. Resales of units.

(a) Except in the case of a sale in which delivery of a public offering statement is required, or unless exempt under section 4-101(b), a unit owner shall furnish to a purchaser before execution of any contract for sale of a unit, or otherwise before conveyance, a copy of the declaration (other than any plats and plans), the bylaws, the rules or regulations of the association, and a certificate containing:
(1) A statement disclosing the effect on the proposed disposition of any right of first refusal or other restraint on the free alienability of the unit;
(2) A statement setting forth the amount of the monthly common expense assessment and any unpaid common expense or special assessment currently due and payable from the selling unit owner;
(3) A statement of any other fees payable by unit owners;
(4) A statement of any capital expenditures anticipated by the association for the current and two next succeeding fiscal years;
(5) A statement of the amount of any reserves for capital expenditures and of any portions of those reserves designated by the association for any specified projects;
(6) The most recent regularly prepared balance sheet and income and expense statement, if any, of the association;
(7) The current operating budget of the association;
(8) A statement of any unsatisfied judgments against the association and the status of any pending suits in which the association is a defendant;
(9) A statement describing any insurance coverage provided for the benefit of unit owners;
(10) A statement as to whether the executive board has knowledge that any alterations or improvements to the unit or to the limited common elements assigned thereto violate any provision of the declaration;
(11) A statement as to whether the executive board has knowledge of any violations of the health or building codes with respect to the unit, the limited common elements assigned thereto, or any other portion of the common interest community;
(12) A statement of the remaining term of any leasehold estate affecting the common interest community and the provisions governing any extension or renewal thereof;
(13) A statement of any restrictions in the declaration affecting the amount that may be received by a unit owner upon sale, condemnation, casualty loss to the unit or the common interest community, or termination of the common interest community; and
(14) In a cooperative, an accountant's statement, if any was prepared, as to the deductibility for federal income tax purposes by the unit owner of real estate taxes and interest paid by the association.
(b) The association, within ten days after a request by a unit owner, shall furnish a certificate containing the information necessary to enable the unit owner to comply with this section. A unit owner providing a certificate pursuant to subsection (a) is not liable to the purchaser for any erroneous information provided by the association and included in the certificate.
(c) A purchaser is not liable for any unpaid assessment or fee greater than the amount set forth in the certificate prepared by the association. A unit owner is not liable to a purchaser for the failure or delay of the association to provide the certificate in a timely manner, but the purchase contract is voidable by the purchaser until the certificate has been provided and for five days thereafter or until conveyance, whichever first occurs.
(d) If delivery of the resale certificate to the purchaser or purchaser's agent, whether or not complete pursuant to this section, or a notice that the resale certificate is unavailable, occurs before the contract is ratified, the purchaser may cancel the contract within a time period agreed upon by all parties in the ratified real estate contract. If no time period is specified in the ratified real estate contract, the purchaser shall have three days from the date of ratification to cancel the contract.
(e) If delivery of the resale certificate to the purchaser or purchaser's agent, whether or not complete pursuant to this section, or a notice that such resale certificate is unavailable, occurs after the contract is ratified, the purchaser may cancel the contract within a time period agreed upon by all parties to the real estate contract. If no time period is specified in the ratified real estate contract, the purchaser shall have three days from receipt of the resale certificate or notice that the resale certificate is unavailable to cancel the contract.
(f) If the resale certificate or notice that the resale certificate is unavailable has not been delivered to the purchaser, the purchaser or purchaser's agent may cancel the contract at any time prior to settlement.
(g) Written notice of cancellation shall be provided to the seller in accordance with the terms of the contract. The purchaser shall have the burden to demonstrate delivery of the notice of cancellation.
(h) If the unit is governed by more than one association, the timeframe for the purchaser's right of cancellation shall run from the date of delivery of the last resale certificate.
(i) Cancellation shall be without penalty, and the seller shall cause any deposit or escrowed funds to be returned promptly to the purchaser.

NOTE: The purpose of this bill is to clarify how resales of real property units can be cancelled by purchasers in the event that a resale certificate is not provided, providing steps to be taken by a seller in the event that a resale certificate is unavailable, and providing a time period for cancellation when none is specified in the sales contract.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.

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