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.