On Tuesday, April 13, 2020, the Seattle City Council passed Council Bill 119766, relating to commercial tenancies involving small businesses or nonprofits. The ordinance would temporarily place a moratorium on rent increases for these tenants and would require landlords to negotiate payment plans for overdue rent. As of this writing (April 16, 2020 ), the […]
The COVID-19 pandemic and Governor Inslee’s “Stay Home, Stay Healthy” order have stopped your real estate transaction dead in its tracks. The earnest money is in escrow, but Washington is shut down for all but “essential services”, which does not include real estate at this time. What are your options? If your transaction involves Northwest […]
We know everyone is feeling unease about the current state of the world and there is a lot of information about the Covid-19 pandemic and the measures federal, local and state governments are taking to mitigate the economic impact. To help you understand the effects on the real estate markets, we offer the following information: […]
Washington’s Seller Disclosure Statute, RCW 64.06, originally passed in 1994, required Sellers of real property to disclose “material defects” on a Seller Disclosure Statement, which quickly became known as a “Form 17”. A special provision of RCW 64.06 provides that the statutory obligation to disclose material defects is independent of the common law principle of […]
On May 14, 2019, Governor Inslee signed SB 5600, a bill that dramatically alters the landscape of Washington residential landlord-tenant law. The effective date of this legislation is July 27, 2019. SB 5600 does not apply to commercial real estate. Residential landlords and property managers need to be well-versed in these changes, which are as […]
The Washington State Pollution Liability Insurance Agency (PLIA) has just announced a new revolving loan and grant program under which low interest loans of up to $2 million are available to install, retrofit, close or clean up underground storage tanks (UST’s) on contaminated commercial properties. The grant or loan can be used on any site […]
On April 4, 2016, Division I of the Washington Court of Appeals declared that a landowner may remove tree roots that encroach onto his or her property – even if it severely damages, or possibly even kills, the tree. This decision is surprising on a number of levels. The case is known as Mustoe v. […]
Commercial property owners contemplating a refinance may find themselves being offered non-recourse financing through a loan that is being packaged as a Commercial Mortgage Backed Security (CMBS), otherwise known as a “securitized” loan. The financial terms are often attractive, as is the “non-recourse” feature.
A recent case from the Washington State Court of Appeals signals a strong return to the legal principle of caveat emptor – otherwise known as “buyer beware”. It’s important that real estate brokers understand the magnitude of the decision, whether they represent sellers or buyers.