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WV HB5342
Bill
Status
Introduced
2/9/2026
Primary Sponsor
Patrick Lucas
Click for details
AI Summary
- Establishes a 3-day default cancellation period for purchasers of common interest community units (condos, co-ops) when no cancellation timeframe is specified in the sales contract
- Allows purchasers to cancel the contract at any time prior to settlement if the resale certificate or notice of its unavailability has not been delivered
- Requires sellers to notify purchasers when a resale certificate is unavailable, triggering the same cancellation rights as receiving the certificate itself
- Mandates that cancellation must be without penalty and all deposits or escrowed funds returned promptly to the purchaser
- When a unit is governed by multiple associations, the cancellation timeframe begins from delivery of the last resale certificate
Legislative Description
Relating to the cancellation of contract by purchaser
Last Action
To House Government Organization
2/9/2026
Committee Referrals
Government Organization2/9/2026
Full Bill Text
No bill text available