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Attention CBA Members: Help support your colleagues by voting for the Special Recognition Awards! Voting closes on Friday, February 8th at 5 p.m.

  

Rising Star
Collaborating Professional of the Year
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McCall Leadership Award

  

In order for your vote to count, your 2019 Membership dues must be paid. To check the status of you Membership, please contact Dominic Carter at 617-399-7874 or Kayla Burmeister at 617-399-7863.

  

Award winners will be announced at the CBA Achievement Awards on March 21st.

 

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Voting for Special Recognition Awards Now Open

2019 Installation of Officers, January 24th

 

GBREB Installation
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

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Events

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Event
2019 CBA Future Leaders
Feb 20, 2019
225 Franklin Street
Suite 300
Boston, MA
CBA Achievement Awards
Mar 21, 2019
InterContinental Boston
510 Atlantic Ave
Boston, MA

Calendar

Event
2019 CBA Future Leaders
225 Franklin Street
8:00am
 
CBA Achievement Awards
InterContinental Boston
5:30pm