MEMBER NEWS 

SIGN-UP TODAY TO GET HANDS-ON HELP WITH OUR NEW SEARCH PLATFORM AND LEGAL LIBRARY PRO!

 

CBA provides monthly webinar training to help you master all of our powerful tools and resources and make the most of your membership. 

 

Join us Monday, April 26th from 3:00 - 4:00 p.m., as we show you how to use our powerful Legal Library PRO tool

 

Join us Thursday, April 29th from 9:00 - 10:00 a.m., to learn how to use our search platform, create reports, and manage your listings.  

 

REGISTER NOW

IMPORTANT: PHASE 3 ANNOUNCED WITH NEW REAL ESTATE-RELATED UPDATES

 

Governor Inslee announced on April 12th that three counties, Cowlitz, Pierce, and Whitman, will roll back to Phase 2 of the “Healthy Washington – Roadmap to Recovery.” This will be effective as of Friday, April 16th.

 

In Phase 2, the following restrictions apply to the real estate industry, include:

  • Capacity for real estate offices, including guests, is limited to 25% or lower. Appointments are required for clients to visit real estate offices. Remote meetings with clients are encouraged. This is a change from 50% capacity and no appointments required for clients to visit real estate offices in Phase 3 counties.

  • In-person brokerage activities at the property (showings, inspections, etc.) are permitted by appointment with no more than five (5) people on-site, in addition to the broker, with face coverings, strict social distancing, and proper sanitation measures. This is a change from ten people on-site, in addition to the broker, in Phase 3 counties.

As a reminder, the following protocols will continue to apply to all in-person activities (previews, showings, listing appointments, inspections, walk-throughs, appraisals, etc.):

  • In-person activities must be by appointment only; Face coverings are required to be worn at all times by real estate brokers, their clients, and industry partners (e.g., appraisers, inspectors, photographers, stagers, etc.). Brokers may not provide services to any client who does not wear a face-covering;

  • Those persons must strictly follow social distancing guidelines by remaining at least six feet apart at all times.

Also, in-person open houses are permitted in Phase 2 and Phase 3 counties. For in-person open houses, brokers must ensure that no more than ten (10) people are on-site, in addition to the broker, and that all other required protocols are followed (face coverings, social distancing, sanitation, etc.)

 

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

SETTING UP "SAVED SEARCH" ALERTS ON OUR NEW SEARCH PLATFORM

Hot Sheets are one of the most widely used tools on our new CBA Search Platform, so we've made some updates to help you better meet your clients’ needs.

You can now set up "Saved Search" alerts to get the information you need when you need it. And you can even add your clients to your "Saved Searches" for even quicker results.

LEARN MORE

THANK YOU FOR JOINING US FOR OUR 2021 ANNUAL MEETING!

 

We appreciate you taking the time to learn more about the state of the association and our plans for the coming year.

 

If you missed the meeting, you can watch the video by clicking below or download the meeting presentation slides HERE.

WATCH NOW

CBA BOARD MEMBER DAVE MAGEE PARTNERS WITH SEATTLE DANCES

TO RAISE MONEY TO HELP END HOMELESSNESS! 

 

Join us in supporting CBA Board member Dave Magee as he helps Seattle Dances end homelessness.

 

Dave and nine local luminaries have made an impressive commitment to Plymouth Housing. For months, they have been preparing dance routines with pros from Century Ballroom and spread the word about Plymouth’s work to end homelessness. On the big night, dancers will take the stage in stunning costumes to show off what they’ve learned and make a lasting impact on Plymouth's mission!

 

Event Information: 

Saturday, March 13th

7:00 p.m.

Free to attend 

 

Click the link below to get a sneak peek of Dave's stellar dance moves!

 

Good luck, Dave ... break a leg!!

 

LEARN MORE AND DONATE NOW!

JOIN US FOR CBA'S 2021 ANNUAL MEETING

 

Friday, March 5th

10:00 AM - 11:00 AM

LIVE ZOOM MEETING

 

Meet and greet our Board of Directors and hear from our leadership about the state of the association and CBA's goals and plans for 2021.

 

AGENDA:

Board Chair Introduction & Comments

  • 2021 Board & Officers

  • The Value of CBA to Market & Brokers

State of the Association & Impacts from COVID-19

  • State of the Market & Industry Membership

  • 2020 Accomplishments

The Road Ahead

  • Strategic Focus & Initiatives

  • Diversity, Equity, and Inclusion within Commercial Brokerage

  • Government Affairs & Political Advocacy 

Question & Answer

 

REGISTER NOW 

 

THE NEWLY RATIFIED CBA BOARD OF DIRECTORS SLATE FOR TERMS THROUGH 2023 INCLUDES:

  • Scott Coombs, NAI Puget Sound Properties

  • John Miller, CBRE

  • Arvin Vander Veen, Colliers International

  • Monica Wallace, Wallace Properties

  • Brooks Burton, Windermere

  • Casey Brazil, Kiemle Hagood

2021 BOARD OFFICERS INCLUDE:

  • Chair: Brian Hatcher, Kidder Mathews

  • Chair-Elect: Monica Wallace, Wallace Properties

  • Immediate Past Chair: Tiffini Connell, West Coast Commercial Realty

  • Treasurer: John Miller, CBRE

Each of the 16 members of CBA’s Board of Directors prides themselves on representing all specialties, voices, and geographies from the commercial brokerage industry, and includes members from the largest and most prestigious international firms, to the small, successful, and independently owned and operated firms.

 

We would also like to recognize our outgoing Board Members for their outstanding service to the association during their tenures.

 

Thank you, Scott Blankenship and Tom Quigley!

BLACK HOMEOWNERSHIP GAP: RESEARCH TRENDS AND WHY THE GROWING GAP MATTERS

 

As part of the Washington REALTORS® Black History Month series, they welcomed Dr. Arthur Acolin with the University of Washington, College of Built Environments to take a deep dive into the data of Black homeownership, the research trends, and why the growing gaps matter.

WATCH THE VIDEO NOW 

NOW AVAILABLE: CBA'S Q4 2020 VS 2019 CMA SALES OVERVIEW AND FULL RESEARCH REPORT

 

CBA's new CMA Sales Report analyzes quarterly economic and commercial real estate activity and trends at the market and submarket levels. We are pleased to offer this detailed analysis and report for your use and interpretation.

 

In this report, we compare same-month sales by asset class and county from 2019 to 2020. In addition, we have provided a historical view of commercial sales over the past decade to provide the context of how the COVID-19 induced economic downturn of 2020 has impacted the market, particularly in comparison to the low points the market experienced coming out of the Great Recession. 

 

CLICK HERE TO VIEW OUR FULL REPORT 

DR. LEONARD MOORE TALKS RACE & HOUSING TO WR MEMBERS - RECORDED WEBINAR

As part of Black History Month, Washington REALTORS® is hosting a series of FREE webinars. Dr. Leonard Moore, of the University of Texas, recently presented an interesting and engaging session that used Monopoly and other easy-to-understand analogies to explain race issues, particularly in housing.

WATCH NOW

 

NEW FAQ FOR REAL ESTATE FIRMS ON SEATTLE PAYROLL EXPENSE TAX 

Our friends at Seattle King County REALTORS®, with the assistance of legal counsel, have developed an FAQ to answer questions about how and when Seattle’s new Payroll Expense Tax applies to real estate brokerage firms.  

Background: On July 6, 2020, the Seattle City Council passed Ordinance 126108, which imposes a “payroll expense tax” on businesses in Seattle with annual payrolls in excess of $7,000,000.00. The tax is computed on the total payroll expense paid in Seattle to employees who receive compensation of $150,000.00 or more. Real estate brokers are considered employees, even though they may be independent contractors, and commission income is considered to be compensation.  

STOEL RIVES’ UPDATED GUIDE TO WASHINGTON STATE EVICTION MORATORIA AND TENANT PROTECTIONS

 

As the pandemic extends into 2021, COVID-related emergency eviction moratoria that were rolled out by a variety of jurisdictions in March of 2020 continue to be updated and refined in response to ongoing economic challenges. To help you navigate the various moratoria on residential and commercial evictions affecting properties in Washington State, Stoel Rives has continued to update its Guide to Eviction Moratoria and Related Tenant Protections, which includes new regulations imposed at year-end.
 

To view and download the latest version, updated on January 4th, 

 

CLICK HERE

HAPPY 25TH ANNIVERSARY, AMY ROBITAILLE!

 

On behalf of the entire CBA team and Board of Directors, we would like to wish a happy 25th work anniversary to our Executive Vice President, Amy Robitaille.

 

Amy has been known to walk through fire on behalf of both our members and her team, and we are incredibly lucky and grateful to have her.

 

Amy, your dedication to your work and to our members is exemplary. Thank you for making such a tremendous difference in our lives! 

 

HAPPY HOLIDAYS FROM ALL OF US AT CBA

 

Here at CBA, we have so much to be grateful for and many reasons to celebrate. At this special time of year, we'd like to express our deepest appreciation to you for placing your confidence and trust in us and for continuing to support us with your membership and referrals. 

 

We look forward to serving you in 2021! 

CONGRATS 2020 WOMEN IN REAL ESTATE AWARD WINNERS

 

Connect Media's Women in Real Estate Awards celebrate women with achievements and inspirational stories who have reached respected positions of leadership and play key mentorship roles for others in commercial real estate.

 

Winning CBA Members include:

Tiffini Connell, CBA Board Member

West Coast Commercial Realty

 

Candice Chevaillier, CBA Board Member

Lee & Associates Northwest

 

Donna Brunner

HFO Investment Real Estate

 

Karen Benoit

Kidder Matthews

 

VIEW ALL AWARD WINNERS

THANK YOU TO ALL WHO ATTENDED OUR FIRST-EVER VIRTUAL OFFERING OF WSCAR EDUCATION DAY, COMMERCIAL CORE, AND CBA FORUM

 

Even during the midst of COVID, we had a great turnout. Thank you to all attendees, our speakers, and sponsors, who helped make it such a successful event. 

 

We've also included the affidavit form for your completion. Please don't forget to turn it in. 

 

AFFIDAVIT FORM 

CONGRATULATIONS, 2020 SIOR BROKERS OF THE YEAR!

 

We’d like to congratulate all of the SIOR Broker of the Year winners awarded at NAIOP’s Night of the Stars event.

 

Winning CBA members include: 

 

SIOR 2020 Investment Broker of the Year

Eli Hanacek - CBRE 

 
SIOR 2020 Industrial Broker of the Year
Bill Condon - Colliers International 

 

SIOR 2020 Office Broker of the Year

Jesse Ottele - Newmark Knight Frank 

 

VIEW FULL WINNERS GALLERY 

CBA MEMBERSHIP DUES TO INCREASE, FEBRUARY 1, 2021

 

An increase in CBA’s membership dues and office/branch fees will go into effect on February 1, 2021.  

 

Raising dues is always a last resort for CBA’s Board of Directors and our management team. Over the past few years, we have invested heavily in providing members new and improved essential tools to conduct their business. Additionally, our organization, like most businesses in our region, faces increasing inflationary cost pressures related to data, technology platforms, salaries, benefits, and rents. 

 

As we look forward, it has been deemed necessary to help pay for future investments and to continue to offer our member's improved tools and high-quality service at a low and reasonable price. We have included an updated 2021 fee schedule for your reference. If you have any questions or concerns, please contact your office’s designated broker or office manager. 

CBA MEMBERS NAMED TO PSBJ’S POWER 100

 

Congratulations to CBA Board Member John Miller (CBRE), and members Beth Halvorsen (Colliers International) and Bill Frame (Kidder Mathews) for being named to the Puget Sound Business Journal’s annual list of the most powerful and influential businesspeople in Washington.

  

WE'VE UPDATED OUR LEASING FORMS IN LEGAL LIBRARY PRO

In response to requests from the CBA member community, we're pleased to announce that we've updated our Leasing Forms in Legal Library PRO to make them more useful, usable, and flexible.

 

CBA's Leasing Forms have been fully reviewed, revised, and vetted to ensure they meet all legal criteria and best practices. We also changed the format to make filling them out easier.

 

PLEASE NOTE: We've made considerable substantive changes to the Leasing Forms. We highly recommend that you watch the video from our legal counsel, Bethany C. Kelsch from Stoel Rives, to fully understand the changes that have been made before using the revised forms.

 

 

THE SUITE OF NEW AND REVISED LEASING FORMS

The NEW forms include the following:

  • MTBY Multi-Tenant Base Year Lease

  • LOI-LS replaced by:

    • LOI-MTNNN Multi-Tenant NNN

    • LOI-RETNNN Retail NNN

    • LOI-STNNN Single-Tenant NNN

    • LOI-MTBY Multi-Tenant Base Year

    • LOI-MTGR Multi-Tenant Gross

    • LOI-STGR Single-Tenant Gross

The REVISED forms include the following:

  • GR_LS Multi-Tenant Gross LA Addendum-Amendment to CBA Leases LCR Letter of Credit Rider

  • LOR Guaranty of Tenant’s Lease Obligations Rider

  • MT_BY Multi-Tenant Base Year Lease

  • MT_NNN Multi-Tenant Triple Net Lease

  • OR Option to Extend Rider

  • PR Parking Rider

  • RET_LS Retail Lease Agreement—Multi-Tenant Triple Net

  • RR Rent Rider

  • RUR Retail Use Rider

  • ST_LS Single Tenant Gross Lease

  • ST_NNN Single Tenant Entire Parcel

  • SUB_LS Sublease Agreement

  • XL Exclusive Lease Listing Agreement

  • XLA Exclusive Agency Lease Listing Agreement

IMPORTANT NOTE: When adding documents to your transactions, members will receive the newest version(s). This will not affect open transactions, and all of CBA's previous forms are still valid and legal. 

 

LOGIN TO LEGAL LIBRARY NOW

 

We've also provided a complete overview of all of the changes made to the Leasing Forms. 

VIEW OVERVIEW NOW

 

UPDATING YOUR MAIN PROPERTY IMAGE & TIPS FOR ACCURATELY SEARCHING CBA'S NEW PLATFORM

 

You can now update your main property image directly on the CBA My Listings Page!

 

We've sent out an email with detailed steps on how to update your image correctly. It also includes an important tip on choosing the correct parameters in our new search platform depending on whether you are looking for Sale or Lease listings.

 

GO TO YOUR LISTINGS NOW 

2020 COMMERCIAL REAL ESTATE LEADERSHIP AWARDS ANNOUNCED

 

The Puget Sound Business Journal has announced the winners of the Commercial Real Estate Leadership Awards. Our own CBA member Rob Nielsen, Executive Vice President at JLL, has received the Giving Back Award. Congratulations, Rob!  

 

These leaders will be honored during a special virtual reception on Tuesday, October 6th. They will also be profiled in the PSBJ CRE Leadership special section that will publish on Friday, October 30th.  

SIOR® OFFICE BROKER, INDUSTRIAL BROKER & INVESTMENT BROKER OF THE YEAR FINALISTS 

 

We are pleased to announce this year's SIOR® Broker of the Year finalists. Winners for each category will be announced on Friday, November 6, at NAIOP’s first-ever virtual Night of the Stars. 

 

2020 Finalists Include: 

Bill Condon, SIOR – Colliers International

Eli Hanacek – CBRE 

John Hansen – CBRE 

Thad Mallory, SIOR – Newmark Knight Frank 

Erik Nelson, SIOR – Kiemle Hagood 

Jesse Ottele – Newmark Knight Frank 

Wilma Warshak, SIOR – Washington Real Estate Advisors 

WE'VE UPDATED OUR PURCHASE & SALE SUITE ON LEGAL LIBRARY PRO

 

We're pleased to announce that we've updated our Purchase & Sale Suite in Legal Library PRO to make them more useful, usable, and flexible in response to requests from the CBA member community.

 

CBA's forms have been reviewed and revised to ensure they meet all legal criteria and best practices. We also changed the format in order to make filling them out easier. 

 

Also, we've produced a video with our legal counsel, Hunter Jeffers from Stoel Rives, to clearly explain the changes that have been made.

 

CLICK HERE TO WATCH OUR VIDEO

 

 

The revised forms include the following:

 

17 - Seller Disclosure Statement-Improved Property

17C - Seller Disclosure Statement-Unimproved Property

22E - Certification Under the Foreign Investment in Real Property Tax ("FIRPTA")

BB-1 - Buyer's Agency Agreement

BU-A - Back-Up Addendum to Purchase and Sale Agreement

CDF - Commission Disbursement Form

EMN - Earnest Money Promissory Note

FMA - Force Majeure Addendum

LOI-PSA - Letter of Intent

LP-LS - Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards

LPB-20 - Short Form Deed of Trust

N-1A - Promissory Note

OTB - Option to Buy Real Estate

PS-1A - Commercial and Investment Real Estate Purchase & Sale Agreement

PS-AS - Assignment and Assumption Agreement

PS-D - CBA Defeasance Addendum

PS-FIN - Financing Addendum

PS-TEC - Tenant Estoppel Certificate

PSA - Addendum/Amendment to Purchase and Sale Agreement

PSR - Rescission of Purchase and Sale Agreement

RC - Recorder's Cover Sheet

SS - Short Sale Addendum

UA - Utility Charges Addendum

VLA - Vacant Land Addendum

XA - Exclusive Agency Sale Listing Agreement

XS - Exclusive Sale Listing Agreement 

 

IMPORTANT NOTE: When adding documents to your transactions, members will receive the newest version(s). This will not affect open transactions, and all of CBA's previous forms are still valid and legal. 

 

LOGIN TO LEGAL LIBRARY PRO NOW

CBA BOARD MEMBER CANDICE CHEVAILLIER HONORED AS ONE OF 48 GLOBEST. REAL ESTATE

FORUM’S WOMEN OF INFLUENCE  

 

We’d like to congratulate CBA Board Member Candice Chevaillier, Principal at NW Multifamily Team at Lee & Associates, on being named as a top CRE Consultant/Advisor in GlobeSt. Real Estate Forum’s Women of Influence edition. Honorees are recognized as outstanding women leaders in the commercial real estate industry. 

 

READ MORE

 


OUR NEW SEARCH PLATFORM IS LIVE!

We're pleased to announce that Phase 1 of our NEW search platform is now available! This phase includes the searching, reporting, and demographic features our members have requested.

Throughout the upcoming phased transition, CBA will run the new Catylist-powered search platform in parallel with our existing platform throughout all three phases to allow you sufficient time to be trained and make full use of its powerful tools.

 

Rest assured that regardless of how you choose to search our listings during our transition period, you’ll see the exact same data and search results across both the new and legacy platforms.

 

BENEFITS OF THE NEW PLATFORM INCLUDE:
 
Powerful, Easy-to-Use Technology
CBA's new, mobile-friendly platform works seamlessly on all browsers and devices, so you can access your listings and marketing tools anytime, anywhere! The platform provides all of the functionality our members have requested and come to expect with a streamlined, intuitive, easy-to-use interface.
 
Local Understanding, National Exposure
By partnering with Catylist, we can give you the best of both worlds: a local service specifically tailored to the needs of your markets, with the benefits of exposure on Commercial Exchange, Catylist's nationwide network.

 

SEARCH OUR NEW PLATFORM NOW! 

WEBINAR TRAINING DATES:

Our new search platform is incredibly intuitive and easy to use, but if you'd like a little help getting started, or want to learn about some of the more sophisticated search tools and functionality, sign up for training!

 

If you need training for your brokerage, we are happy to provide group training for 15 people or more. Please contact us at support@commercialmls.com to schedule a time that meets your needs.

 
 

As always, our first priority is providing impeccable customer service to our members. If you have any questions or concerns about the transition to the new search platform, please contact us at support@commercialmls.comchat with us, or call us at 800-275-2522.

NEW ENHANCEMENTS MADE TO LEGAL LIBRARY PRO!

 

Based on member feedback and requests, we’re pleased to announce that we have made several enhancements to the functionality of Legal Library PRO.

 

These upgrades are designed to help you search for transactions, create custom templates, fill out and edit forms, and invite users to collaborate more quickly and easily.  

These NEW enhancements Include:

  • Auto-Fill Document Content: Auto-filled content (including Buyer, Seller, Property Address) now displays in both fill out and edit modes. 

  • Quickly Add Documents: You can now select documents and hit “Done” to add them to your transaction without first having to click “Add Documents.” 

  • Add Additional Transaction Details: A new “Document Note” field has been added so you can easily differentiate between forms of the same name — which is particularly helpful with multiple addendums.

  • Customize Templates for Multiple States: Customized templates can now be made for both Washington and Idaho.

  • Invite Users to Collaborate More Easily: Changes have been made to provide additional clarification about access levels for Transaction User and Document User.

  • Search Transactions Faster: Hitting “Enter” will now execute a search, whether you’re searching for a transaction or searching for a form.

LOGIN TO LEGAL LIBRARY PRO 

NEW! EXCLUSIVE SUBLEASE AGREEMENT ADDED TO LEGAL LIBRARY PRO

In response to our rapidly changing commercial real estate market and in anticipation of shifting member needs, we've added an Exclusive Sublease Agreement to Legal Library PRO.

 

Developed by top commercial real estate experts, Legal Library PRO's contracts are recognized as the industry standard and are the fastest and easiest way to close a deal.

 

CBA members can instantly access and edit any of Legal Library PRO's 100+ copyrighted contracts and forms for Washington and Idaho. Forms include Purchase and Sale Agreements for Commercial Properties as well as Business Opportunities and Lease Agreements.

 

LOGIN NOW TO ACCESS LEGAL LIBRARY PRO

IMPORTANT MEMO – INTERPRETING & OUTLINING OF EVICTION BANS AND RENT FREEZES IN WASHINTON STATE AND CITY OF SEATTLE 

Attached is the memo from CBA’s legal counsel outlining and interpreting two recent COVID-19 items issued by the state of Washington and City of Seattle affecting landlords and tenants.

 

On April 16, 2020, Governor Inslee issued a proclamation extending and expanding the ban on residential evictions, and placed a freeze on rent increases affecting commercial tenants. On April 17, 2020, Mayor Durkan signed into law the City of Seattle’s new ordinance disallowing evictions and rent increases on small businesses and non-profits.

 

VIEW FULL MEMORANDUM NOW

 

JOIN US FOR A SPECIAL WEBINAR: LIMITATIONS ON COMMERCIAL TENANCIES IN THE TIME OF COVID-19 WITH HUNTER JEFFERS

To learn more about how the Governor's proclamation on commercial tenancies impacts you, attend our webinar regarding the Limitations on Commercial Tenancies in the State of Washington and City of Seattl 

If you were unable to join us for the recent webinar regarding the limitations on commercial tenancies in the state of Washington and the City of Seattle and how they might impact you, we have recorde the webinar. It is now posted to our Youtube Channel and can be found on our COVID-19 Resources page. 

CLICK HERE TO WATCH THE WEBINAR NOW

IRS EXTENDS TAX DEADLINES: RELIEF FOR 1031 EXCHANGES AND OPPORTUNITY ZONES

On April 9th, the IRS granted deadline relief for both 1031 like-kind exchanges and opportunity zone investments that are already underway. Both of these programs promote economic growth in communities, and the NAR and other CRE advocacy groups successfully argued that investors in these programs should not be harmed due to the effects of COVID-19. Some specifics of the new guidance include:

 

1031 Like-kind Exchanges: If an investor has taken the first step of a like-kind exchange by selling the old property, and either the 45-day or the 180-day deadline falls between April 1 and July 15, the deadline has been extended to July 15. 

 

Opportunity Zones: If investors who sold a capital asset planned to roll over the gain into an Opportunity Fund and the 180-day deadline to do so falls between April 1 and July 15, 2020, they can make the investment as late as July 15. 

 

Estimated Tax Payments: Sole proprietors who pay quarterly estimated taxes now have until July 15 to file their second-quarter payment. Any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty. 

 

CLICK HERE FOR DETAILED GUIDANCE 

NEW FORCE MAJEURE AND CLOSING ADDENDUM TO PURCHASE AND SALE AGREEMENT

The Commercial Brokers Association has published a new addendum to help address issues arising from the COVID-19 pandemic. The form, entitled “FMA Force Majeure Addendum,” is posted for use in Legal Library PRO within the Purchase & Sale Forms and is also posted in the List of Contracts. (Note: you must be logged in to the CBA website to view the form.) It may be used in new transactions as an addendum or existing transactions as an amendment to provide for remedies in the event either party is prevented from performing in a transaction due to a force majeure.  

 

“Force majeure” is a French term that translates literally as “superior force.” A “force majeure event” is an event or effect that can be neither anticipated nor controlled. Many contracts contain a force majeure clause allocating risk between parties if the contract becomes impossible or impractical to perform in the event of a force majeure. Common examples of force majeure events include acts of nature, such as floods, earthquakes, hurricanes, tornadoes and the like, and acts of people, such as wars, riots or strikes and, of course, an epidemic/pandemic such as the current pandemic.  

 

DISCUSSION

CBA’s new addendum provides for extensions of contingencies and conditions and the closing date in purchase and sale agreements for a limited amount of time should a force majeure event occur, precluding timely performance. It operates in the same way as the residential addendum recently released for the same purpose by NWMLS.  

 

The addendum provides that, if through no fault of the parties, and by reason of a force majeure event, any contingency or condition in the agreement cannot be timely completed, then all the time periods associated with that contingency or condition (and any related notices and responses thereto) are extended for an amount of time agreed to and stated in the form. 

 

An example may help:  

The parties reach mutual acceptance on March 25, and the buyer has a ten-day inspection/feasibility contingency.

On March 26, a shelter-in-place order goes into effect for two weeks (until April 9) that prevents the selling broker, buyer and inspector from inspecting the property. The parties agree in the addendum that any contingency or condition will be extended for ten days should a force majeure event occur. The original contingency would have expired on Monday, April 6, but the addendum would extend the contingency to April 16, including any related notice and response timeframes.   

 

Obviously, dealing with force majeure events are circumstances unfamiliar to the industry. Calculating the extension of contingency time periods due to a force majeure event may be complicated. Brokers are encouraged to cooperate and work together to ensure that the parties have the same expectations with regard to timelines, and any impact a force majeure event may have. 

The addendum provides that, if through no fault of the parties and by reason of a force majeure event, the sale of the property cannot be timely closed on the Closing Date, the date will be extended for an agreed upon period of time – the “Extended Closing Date.” If the sale of the property cannot be timely closed by the Extended Closing Date, the transaction terminates and the earnest money will be refunded to the buyer.

 

CONCLUSION

CBA recommends that all brokers working on pending transactions consider amending the transaction with this or an equivalent addendum to address force majeure events. Certainly, brokers entering into new transactions should recommend their clients consider a force majeure addendum. 

 

If you have any questions, please call us at (425) 820-3348, send us an email, or start an online chat.

CBA DATA AND ANALYSIS FEATURED IN PUGET SOUND BUSINESS JOURNAL

 

CBA’s CMA data and analysis on commercial property sales over the past 10+ years was recently featured in the Puget Sound Business Journal's Real Estate section. This underscores the quality of our data and terrific work done by the entire staff.

Watch for additional data and analysis from our team in future editions!

The numbers highlighted are for King, Pierce, and Snohomish counties. To see a more in-depth version that also contains Kitsap, Spokane, and Thurston counties, click here

DRIVE TRAFFIC TO YOUR LISTING AS A FEATURED PROPERTY 

 

Featured Properties get front page, above-the-fold promotion on our website, which means they are one of the first things people see and they get increased click-throughs! 

 

We offer one-week and four-week packages. Members who sign up for four weeks can switch out their listings once a week.

 

To sign up, fill out our order form today! 

WE'RE CONSIDERING MAKING A MOVE IN 2021 -- AND WE NEED YOUR HELP!

 

As CBA continues to improve and expand the products and services we offer to our members, we have also begun to outgrow our space. The current configuration is limiting, and the building’s physical constraints have triggered an interest in considering alternative options. We’re considering renewal options with our existing landlord, but we also want to understand the full range of available options in the current market. Our lease will expire on July 31, 2021. 

We understand and appreciate that our Members and Board of Directors are collectively interested in the well being of CBA. Together, you are a professionally sophisticated resource that is uniquely capable of considering and vetting alternative Lease-Purchase-Partnership opportunities.  

 

Therefore, we are requesting responses to an RFP from qualified and capable real estate owners, investors, developers, and other property owners who believe that they have a facility and/or a property concept that would accommodate CBA’s requirements.   

 

We encourage any and all of our members to participate in the RFP process to ensure we consider the broadest possible array of opportunities.  

 

We look forward to reviewing any and all legitimate responses to this RFP. All proposals will be reviewed and analyzed by a select committee of CBA board members and executive leadership as to their ability to accommodate CBA’s requirement. At their discretion, CBA plans to select the proposal(s) that appear to best meet their needs, and CBA will then commence discussions with those proposers accordingly while communicating with other proposers appropriately.  

 

All responses must be received by 5:00 p.m. on January 31st, 2020.  

 

REVISED FORMS 17 AND 17C RELEASED JANUARY 2, 2020

 

In response to recent Washington State legislation, CBA has released revised versions of Form 17 and Form 17C.  

Please note that there were NO changes to Form 17 Commercial.

The Seller Disclosure Statement for Improved Property (Form 17) and for Unimproved Property (Form 17C) has been updated to reflect upcoming revisions to the Seller Disclosure Act (RCW 64.06). 

Log on to Legal Library PRO now to access the new forms.

HAVE YOU UPDATED YOUR HOTSHEETS?

 

Taking the time to update your hotsheets during the slow holiday season will set you up for success in 2020!

If you're new to CBA and our services, our online hotsheets tool sends you notifications of new listings from the previous day that match your search criteria. 

Get a quick intro (or refresher) in our online tutorial.

For any questions, please reach out with the Live Support Chat

WE'VE MADE SOME UPGRADES TO OUR WEBSITE! 

 

In response to member feedback, we’ve restructured our content into clearly defined tabs that align directly with each of our products and services. Our updated navigation now includes:

 

  • A new “Research & Listings” tab

  • A new “Events & Education” tab

  • A new “Membership” tab

 

NEW! RESEARCH & LISTINGS

 

You can now find everything related to searching listings; adding new listings; viewing new lease, sales and business opportunities; running reports; and marketing your current listings in one centralized location. All Training & Reference Guides and FAQs related to research and listings are also found in this section.

 

 

NEW! EDUCATION & EVENTS

 

We’ve added a new section to make it easier to find information about upcoming events and classes, stay up to date with member news, and sign up for online classes through our partnership with the CE Shop.

 

 

NEW NAME! MEMBER NETWORK

 

Need to contact fellow CBA members or affiliated CRE businesses like appraisers and lenders? We've renamed "Find People" to "Member Network." Click on Member Network and then choose the appropriate member type to search. Your address book is also still found here.

 

 

NEW! MEMBERSHIP

 

We’ve streamlined our membership information to help those looking to join CBA do so more easily, and to help our current members find forms and information about adding broker, affiliate and appraiser members to your office. If you need to update or change any membership information for your office, be sure to use the current forms conveniently located here.

 

It’s also the place where you’ll find information about Member Rules, Bylaws, Association Management, and Arbitration Services.

 

 

FEEDBACK

 

As always, our first priority is providing impeccable customer service to our members. If you have any questions or concerns about the upgrades to the website or have feedback about the new design, please click here to share your thoughts or tell us about any additional improvements you’d like to see.

UNDERSTANDING THE LEASE-COMMISSION PROCESS

The lease-commission process can be complicated. As a member-owned association, one of our fundamental missions is to ensure member cooperation and fair compensation. To achieve this, it’s vital that all members follow the proper listing entry process to avoid misunderstandings about commissions.


ALWAYS PROPERLY DETAIL THE LEASE OFFICE COMMISSION ON YOUR CBA LEASE LISTING 


In “GENERAL LISTING INFORMATION,” in the box titled “Leasing Ofc Com*,” the listing broker must enter the amount the procuring broker will receive. It is essential that both sides of the deal publish and understand the correct information. Make sure you always confirm and clarify information as we are not always able to protect your commission.  


LISTING BROKER: 
 

FILL OUT THE COMMISSION INFORMATION FOR YOUR LISTING AS FULLY AS POSSIBLE. When filling out your commission information, the comment box only allows for 60 characters. Include as much information as possible in the entry field. For example:

 

 

*To review Rule X.1.a regarding Division of Commissions, click here.

 

CLARIFY YOUR TERMS. If your lease commission terms exceed the limits of the commission information field, please use the CBA Member Listing Comments to include full details about the commission.

 

 

BOTH COOPERATING BROKERS 

 

COMMUNICATE CLEARLY ABOUT YOUR COMMISSIONS WELL BEFORE THE CLOSE OF THE DEAL. Remember that you should always follow up with your cooperating broker to confirm your commission information before the deal is signed and executed. It’s important to understand and agree upon what you are getting paid! 

CBA MEMBER LISTINGS NOW RECEIVE NATIONAL EXPOSURE!

 

One of many benefits you receive as a CBA member is national exposure through our partnership with Commercial Exchange (CE), a national commercial real estate marketplace. Commercial Exchange brings together sale and lease availabilities sourced directly from brokers in Catylist’s network of 50+ local commercial real estate platforms in markets across the country. 

When you post a listing to the CBA database, your listing is automatically added to CE, at no extra charge. This information, just like on the CBA website, is always verified and up to date. 

What does this mean for you? If someone in another state or country is looking for a property with criteria that matches yours, they’ll see your listing and can easily access your contact information. And if your client wants to look at properties elsewhere in the nation, you can find up-to-date, verified listings that meet their needs, as well. 

To visit the CE database, click here.

APARTMENT ANALYTICS


Are you needing to research apartment building sales in the region..? We’re here to help! CBA provides members commercial marketing analytics on apartment sales since 2000 in King, Pierce, and Snohomish counties, including all 5+ unit market rate apartment properties that are arms-length transactions.

Apartment cma


MAKE DEALS USING CBA! 

 

As a CBA member, you have full access to a searchable database of CBA members, associates, and affiliate businesses. This gives you the chance to meet and make deals with others in CRE (such as developers, property owners, and lawyers) and expand your business.

Connect Today!

IMPROVING YOUR EXPERIENCE
CBA is constantly making improvements to our site and services, some big and some small, and usually in response to your feedback.

One recent tweak that you've asked for is a time-saving feature allowing you to upload photos for your sale and lease listings at a property at the same time.

You can now do this in the "Upload Photo to Additional Listings" feature in the Media Manager.

Go to one of your listings and give it a try!

United Way's Day of Caring

CBA is closed Friday, September 14, so that our staff can help with United Way's Day of Caring, the largest volunteer event in the state, to give back to our community.

CBA staff will be working to help restore Juanita Beach.  

We will return to regular business hours on Monday, September 17.

Did You Know?
 

Members cannot post listings for which they do not have a signed exclusive agreement. They also cannot post marketing materials branded with any non-member or non-brokerage.


From our Rules & Regulations:


I 14. Courtesy Listings. CBA will not accept courtesy listings from other multiple listing services and/or non-members. I 15. Non-Member Listings. No member or participating agent shall cause a listing of a non-member within their office/ownership to be submitted to CBA. The fine for violation of this Rule is the amount of the then current CBA membership dues for the non-member for one year. All services for the member may be terminated for three months, at which time the offending member office must make application for membership and pay an application fee per the then current fee schedule.

For more about our Rules & Regulations, go here.

DID YOU KNOW?

It is the obligation of all CBA members to confirm that all of their exclusive listings have been submitted in accordance with the Rules and Regulations and all statuses are up to date.

Go here to review our Rules & Regulations.
 

ONLINE LEARNING

Are you working on renewing your RE license?


CBA has partnered with The CE Shop to give our members access to over 25 hours of pre-approved online Commercial Real Estate CE courses anytime, anywhere.

And when you enroll through our website you get discounts on registration.

Sign up today!
 

LETTER FROM CBA's BOARD OF DIRECTORS

 

The Board of Directors of the Commercial Brokers Association is pleased to announce the hiring of Mr. Chris McDougall as its new President and CEO. He replaces Michelle Mills Clement, who recently accepted a position as the CEO of the Chicago Association of Realtors.

Mr. McDougall is a veteran commercial real estate industry leader with extensive experience in research, data, brokerage, and technology. Most recently Chris was head of Enterprise Information Management for North America at Colliers International, where his team was responsible for numerous strategic data, research, and business intelligence initiatives. Previous roles include Vice President of Information Management at LoopNet, where he was an integral part of the team who developed one the largest commercial real estate property databases in the US at the time, and National Director of Research & Client Services at Grubb & Ellis Company, where he led a team of 100 research and marketing professionals across 45 offices. McDougall also has experience in commercial real estate brokerage and transactions, having been a key member of ATREG, Inc., a boutique, Seattle-based firm specializing in the disposition of semiconductor manufacturing assets, including clean room facilities, industrial buildings, and land.

“We are extremely excited to have Chris leading our organization” stated Jeff Johnson, SIOR, CCIM, and Chairman of the CBA Board of Directors. “Our Mission at CBA is to increase the productivity of our members, and his background in IT, Research, and Brokerage makes him uniquely qualified to run CBA. He is a strong leader who truly understands what it’s like to be a broker, and the ever-changing technology and research trends in our industry.”

Michelle Mills Clement expressed confidence in the board’s choice. “Chris’ depth of knowledge and experience in commercial real estate data and technology, along with his dedication to the brokerage industry, really made him a solid choice for the role. I’m very happy with the search committee’s decision, and I’m confident Chris will continue CBA’s position as the largest and most robust commercial real estate MLS association in the country while taking it to the next level.”

McDougall started his new role on Monday, March 19th.

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