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GBREB NEWS

Massachusetts SJC Upholds Independent 3rd Party Appraisals

In September GBREB filed an Amicus Curiam , or “Friends the Court” brief in the case of Buffalo-Water, LLC V. Fidelity Real Estate Company LLC.  

In this case the two parties reached a contractual agreement on the purchase/sale of commercial property, with the price being established by a 3rd party appraiser. In this case, Buffalo Water did not like the number that the appraiser arrived at for the sale price and sought to extricate themselves from the transaction.

Under Massachusetts law, judicial review of an independent third party appraisal in a transaction like this was limited to cases of fraud, corruption, dishonesty or bad faith. This case is an attempt to create additional categories to discredit the third party appraisal and thwart a transaction.

The issue on appeal in this case  is whether we should modify this common-law rule and allow a judge to invalidate an appraisal intended by the parties to provide a final, binding valuation of a property where there is the appearance of bias, not on the part of the individual who conducted the appraisal, but on the part of the entity that employed the individual appraiser.

On November 26th,  the SJC concluded that the common-law rule established in Eliot v. Coulter, 322 Mass. 86, 91 (1947),  properly balances the need for fair valuations with the need for finality in the appraisal process, and that an appearance of bias alone is insufficient to invalidate an appraisal. Because the allegations in the complaint, if proved, do not warrant a finding of any violation of the agreements setting forth the terms of the appraisal, or a finding of fraud, corruption, dishonesty, or bad faith by the individual appraiser, or a finding of breach of the implied covenant of good faith and fair dealing by the defendant, the SJC affirmed the Superior Court judge's order allowing the defendant's motion to dismiss.

The Amicus Brief filed on behalf of the Greater Boston Real Estate Board states that the current law should be upheld and that no new categories or exceptions should be created judicially as that is best left to the Massachusetts Legislature.  The Massachusetts Supreme Judicial Court decision upheld GBREB's position.

 


 

Court Upholds Independent Appraisals

Ten teams representing twelve commercial brokerage, architectural and construction firms recently competed in the Commercial Brokers Association’s 2018 Charity Softball Tournament at Moakley Park in South Boston, which raised $9,000 for Caritas Communities.

Horvath & Tremblay was the winning team, and Lee Kennedy Co. Inc. was the runner-up.  Also participating were CBRE|New England, Commodore Builders, Cube 3 Studios, Cushman & Wakefield, JLL, NELSON, Officeworks, Unispace, Vantage Builders and WB Engineers.

For more than 33 years, Caritas Communities has helped fill the need for safe, secure housing in Greater Boston by providing very low-income individuals with permanent housing, support, a sense of community and expanded opportunities.
Charity Softball
GBREB NEWS

A real estate coalition made up of the Greater Boston Real Estate Board, Home Builders and Remodelers Association of Massachusetts, Massachusetts Association of Realtors®, NAIOP—The Commercial Real Estate Development Association, along with the Massachusetts Municipal Association announced today that they have issued a joint letter in support of An Act to promote housing choices. The groups have come together to back Governor Baker’s Housing Choice legislation because of the lack of housing available to meet current and future demand. 

 

 

Real Estate Coalition and muncipalities Join to support Baker housing bill

John F. Dolan III Named President of Commercial Brokers Association

John F. Dolan III, a Senior Vice President at McCall & Almy in Boston, recently was sworn in as the 2018 president of the Commercial Brokers Association, which represents more than 400 members in the commercial real estate brokerage community throughout Massachusetts.

Dolan has worked at McCall & Almy since 2012, advising and representing office and industrial tenants locally, nationally and beyond. He previously was an Assistant Vice President at Meredith & Grew (now Colliers International) in Boston from 2007 to 2012. Prior to joining Meredith & Grew, he worked for several years in various media and brand management positions, including as a radio producer in Boston and New Business Development Manager at Cramer.

With a very early interest in broadcasting, at age 12 Dolan became a news reporter for WBZ Radio’s Peabody Award-winning “Kid Company” program. Among his notable experiences was traveling to the 1992 Democratic National Convention where he interviewed such well-known attendees as Hillary Clinton, Dr. Ruth Westheimer and then-New York City Mayor David Dinkins. He continued his broadcasting pursuits while a student at Scituate High School as a sports reporter at South Shore radio station WATD.

Dolan has retained his connection to broadcasting, serving for many years as a public address announcer at Madison Square Garden for the Knicks, at TD Garden for the Boston Bruins, Hockey East and Beanpot, and at Gillette Stadium for both the Patriots and Revolution.

Dolan earned both his Bachelor of Arts and Master of Business Administration degrees from Providence College. In addition to his role as President of the Commercial Brokers Association, he is a member of the board of directors of the Francis Ouimet Scholarship Fund, which provides need-based college scholarship aid to students who have demonstrated a strong work ethic by having completed at least two years of service to golf.

About the Commercial Brokers Association

Founded in 1991, the Commercial Brokers Association represents over 400 members in the commercial brokerage community throughout Massachusetts. CBA is deeply committed to providing relevant educational programs, promoting professionalism and cooperation, and creating an atmosphere where knowledge and ideas are easily exchanged.

John Dolan Named President of CBA
 

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