NEW REVISIONS TO CBA’S PURCHASE & SALE AGREEMENT
In response to member feedback to our Form PS_1A Commercial & Investment Real Estate Purchase & Sale Agreement (Rev. 7/2020), we have released an updated PS_1A (Rev. 9/2021). The new revisions address the insurance requirement in section 23 and are currently available in Legal Library PRO.
WE'VE MOVED TO A NEW OFFICE!
We’re excited to announce that CBA has moved to a new office in the Northview Center.
Our new address is:
20700 44th Ave. W., Suite. 550
Lynnwood, WA 98036
Please be sure to update our contact information for billing purposes. All other CBA contact information, including phone numbers and email addresses, will remain the same.
We can’t wait to host our members and plan to have an open house later in the fall. But for now, please be sure to call first to schedule an appointment if you need to visit us in person.
UPDATED REAL ESTATE COVID-19 GUIDANCE: FACE COVERINGS
Effective Monday, August 23rd, Washington State will reinstate the mask requirement for all individuals in indoor settings, regardless of vaccination status.
This means that brokers, clients, and industry partners (e.g., appraisers, inspectors, photographers, etc.) must wear masks for listing appointments, showings, inspections, walk-throughs, open houses, and other indoor interactions. In addition, real estate firms must require masks at their offices for all individuals, clients, brokers, and staff, regardless of vaccination status. As always, brokers should be respectful of others and continue to follow all recommended health guidelines.
In addition, brokers and their clients must adhere to any additional requirements or restrictions imposed by the property seller, including required appointments, capacity limitations, or other instructions. Listing brokers should detail any requirements in the listing and post signs regarding any specific instructions at the property.
Real estate firms may continue to open their offices at 100% capacity, provided they comply with the mask requirement, and all other recommended health guidelines.
Governor Inslee’s recent announcement is available here. Information about the COVID-19 vaccine is available here. The latest information about the Washington State coronavirus response is available here.
Our friends at Washington REALTORS® have provided updated COVID 19 Real Estate FAQs for additional guidance.
VIEW FAQS
THE MOMENTUM OF THE MARKET RECOVERY THAT STARTED IN THE FIRST QUARTER GROWS INTO THE SECOND QUARTER WITH POSITIVE NUMBERS ACROSS THE BOARD.
CBA's Commercial Market Analysis (CMA) Sales Report analyzes quarterly economic and commercial real estate sales activity and trends at the market and submarket levels. We are pleased to offer this detailed analysis and report for your use and interpretation.
SUMMARY HIGHLIGHTS OF Q2 2021:
-Commercial property sales in all six counties and all asset classes tracked by CBA are up significantly this year.
-Number of sales far outpaces 2020 and compares to any period during the record-breaking “banner” the year of 2019, excluding December.
-Unsurprisingly, sales volume substantially exceeds 2020, but only marginally trails behind 2019, showing the strength of the market rebound and recovery.
To view the full research report and more, CLICK HERE
NOW AVAILABLE: UPDATED
SELLER & DISCLOSURE ACT
FORMS 17 & 17C
Due to Washington state legislation that will become effective January 1, 2022, we have made revisions to Forms 17 and 17C. The revised forms are now published to our Legal Library PRO.
Please note that the legislation that mandates changes to Form 17 is not effective until January 1, 2022. This means that sellers with active listings, who have already filled out Form 17, do not have to fill out a new form. However, sellers listing property after the revised forms are published (August 16th), should use the revised form so that the seller will not have to fill out a new form if the property is still on the market on January 1, 2022.
House Bill 1064, effective January 1, 2022, adds a new question to Section 5 of the Seller Disclosure Statement – Improved Property (Form 17). The new question asks the seller “Does the property currently have internet service?” If the answer is yes, the form also asks the seller for the “provider” of the internet service.
House Bill 1335, effective January 1, 2022, adds the following “Notice to Buyer” to Section 1 of Form 17 with regard to unlawful covenants or deed restrictions: “Covenants or deed restrictions based on race, creed, sexual orientation, or other protected class were voided by RCW 49.60.224 and are unenforceable. Washington law allows for the illegal language to be struck by bringing an action in superior court or by the free recording of a restrictive covenant modification document. Many county auditor websites provide a short form with instructions on this process.”
Although not required by the statute, the revised Seller Disclosure Statement – Unimproved Property (Form 17C) will also contain the same notice language.
We’ll see you in Lynnwood!
