Buying a condo means buying into the association's budget, its repairs and its lawsuits. The resale certificate is where all of that shows up in writing, and it is the most important document in a condo purchase after the contract.
What the resale certificate holds
Washington law (RCW 64.90.640) lists what goes in it. The highlights:
Whether the association has a reserve study, and a copy of the current one
The current operating budget, plus any repair expected to cost more than 5% of the annual budget
Dues owed, delinquencies and any unpaid special assessments
The latest financial statements and audit
Lawsuits the association is part of, and unpaid judgments against it
The association's insurance and its agent's contact
Rental and use restrictions, plus the declaration, rules and the last 12 months of board minutes
Any category with no information has to say "NONE" or "RECORDS UNAVAILABLE".
Timing, cost and your right to cancel
The association has 10 days to deliver the certificate after the seller asks, and the charge is capped at $275. You can cancel within five business days after you first receive it. If you receive it more than five business days before you sign, that cancellation right does not apply. Some older associations still follow the older Condominium Act (RCW 64.34.425), which also gives five days.
How I read a condo resale certificate
Reserve study: what is funded against what is coming due (roof, siding, windows, elevators).
Special assessments: passed, proposed, or hinted at in the minutes.
Litigation: what it is about and who pays if the association loses.
Rental rules: caps and minimum terms, if renting it out later matters to you.
A thin reserve doesn't kill a deal on its own, but it tells you who is likely to pay for the next big repair.
More on what to check before you offer: my buyer guide.
Sources: RCW 64.90.640; RCW 64.34.425.