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NAR update 03/23/2020 (2)

Mar 22, 2020 6:40 PM
Bob Goldberg

We have been aggressively working the Hill on behalf of our members responding to a flurry of legislative activity aimed at providing economic relief from the COVID-19 virus.  We are committed to ensuring that lawmakers continue to take into consideration the real estate industry, including independent contractors and small business owners.  Below is a compilation of the letters we have sent this past week as well as the work we are doing with state associations to classify real estate services as essential services in emergency declarations.  We are also working with the Department of Labor to get clarification on calculation of employer thresholds for paid leave passed in the Families First Coronavirus Response Act.  The discussions with lawmakers will continue into next week and we appreciate any feedback you can give us on the impact of COVID-19 on your businesses and communities.  We had calls this week with several General Counsels from your firms as well as with representatives from your affiliated mortgage companies and their feedback has been very valuable.  We hope you and your families are staying safe.

  • Families First Coronavirus Response Act: Congress passed a bill this week that created emergency paid sick leave, as well as paid family leave in the case of school closures, for working families impacted by COVID-19.  Click here for impact on real estate industry.  NAR is working with industry partners and DOL to understand the calculation of employer thresholds for some of these paid leave benefits.
  • Relief for small business/ICs:  NAR sent a letter to Congressional leaders urging them to include support for self-employed professionals and other small business owners as well as a follow-up letter on this issue as Congress considers additional relief packages.  NAR also signed a coalition letter that would encourage Congress to provide readily accessible, unsecured credit to employers and self-employed individuals ofall sizes to ensure they have the cash to pay their workers, rent, and other costs during this crisis; 
    • suspend the filing of business returns and the payment of allbusiness taxes to the federal government for the duration of the pandemic; and amend the Tax Code to, among other items, restore the ability of businesses to carryback any net operating losses against previous year tax payments;
    • suspend the application of the Section 163(j) limitation on interest expense deductions for tax year 2020 to avoid penalizing businesses for borrowing during this crisis; and
    • suspend the Section 461(l) loss limitation on pass-through businesses to allow businesses to full deduct any losses they incur this year. 

Read more …

NAR----Open House Guidance During COVID-19

 

Open House Guidance During COVID-19

 

NAR’s goal is to keep members informed about the evolving COVID-19 pandemic, its impact on the real estate industry, and to provide guidance on the many difficult decisions members are tackling on a daily basis. Consider how you may continue providing first-class services to clients, while also exemplifying REALTORS® as community leaders by demonstrating care for the health and well-being of clients, colleagues and the greater public welfare in reducing the risk of exposure to, and spread of, COVID-19.

Q: May REALTORS® continue to hold open houses during the COVID-19 pandemic?

A: First, members should consult with their brokers, and consider how federal, state and local authorities' recommendations and actions, such as “shelter in place” mandates, impact the advisability, and even permissibility of open houses.

Where open houses are permissible, NAR strongly encourages members to consider the advisability of continuing to hold open houses at this time, especially in light of the guidance and actions of federal, state and local authorities, including “The President’s Coronavirus Guidelines for America (link is external)” recommending that gatherings of ten or more persons be avoided.

Q: What if my client insists that I continue to hold open houses?

A: You are never required to put yourself at risk in servicing a client.  Have an open and honest conversation with your client about your concerns with holding an open house at this time, including whether doing so would contradict current government recommendations or mandates, particularly in geographic areas with “shelter in place” mandates.  If after discussing these issues, you and your client mutually agree to hold an open house, advise your client about necessary precautions to minimize exposure to, and the spread of, COVID-19.

Read more …

Coronavirus: Resources for Property Owners 03/20/2020

Coronavirus: Resources for Property Owners

March 20, 2020

SBA Loans, FHA Programs, Fannie Mae & Freddie Mac (GSEs), Veterans Affairs, Real Estate Settlement Procedures Act (RESPA), TRID (TILA-RESPA Integrated Disclosure), Coronavirus, Rural Housing Programs

Download (link is external)

The following resources provide property owners with assistance during the COVID-19 crisis.

American Land Title Association (ALTA) has provided the following resources:

  • County Record Office Closures (link is external): Real-time database of offices that are closing or reducing operations as a result of the coronavirus. Click on the link under County Office Closures.
  • Title, Settlement Companies Develop Safe Closing Protocols (link is external)
  • Visitor Health Screening Questionnaires: The NNA has developed health screening forms for the signing agent and borrower in order to protect all parties during a closing.
    • Signing agent (link is external)
    • Borrower (link is external)
  • Disaster Recovery and Business Continuity Plan (link is external): Having a business continuity plan is essential to keeping an operation going following any type of disaster or crisis.
  • Common Issues Your Business May Encounter (link is external)
  • Keep Your Workplace Safe (link is external)
  • Keep Commercial Establishments Safe (link is external)

Bank Regulators have also instructed banks and servicers to be proactive in extending help to homeowners:

  • Federal Deposit Insurance Corporation (FDIC) (link is external)
  • Office of the Comptroller of the Currency (OCC) (link is external)
  • Board of Governor of the Federal Reserve System (Fed) (link is external)

Banks have posted their own policies and ways for consumers to contact them for assistance:

  • Bank of America (link is external)
  • Capital One (link is external)
  • Chase (link is external)
  • Truist (link is external)
  • U.S. Bank (link is external)
  • Wells Fargo (link is external)

Read more …

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Ocean City, NJ Real Estate - A Shore Value ™

About Us

The Ocean City Board of REALTORS® (OCBOR) is a professional membership organization dedicated to the successful practice of the real estate profession. OCBOR seeks to provide continuing education, technology, networking opportunities and business resources to its Members. OCBOR upholds the highest standards of integrity and professionalism by insisting that members conduct themselves by the standards of the National Association of REALTORS® Code of Ethics.
The not for profit organization provides services to over 550 REALTOR® Members. The OCBOR Board of Realtors® has approx. 40 Affiliate Members who provide a variety of services to Buyers, Sellers and Homeowners.

Copyright © 2020 Ocean City Board of REALTORS®. All Rights Reserved.
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