Under these orders, you should be conducting as much of your business virtually as possible. Click here for a full list of written guidelines. 

Your NAR, NCR, and local advocacy teams are working hard for you at this time. We are maintaining open communication through all channels. Should you have any odd problems arise throughout this period, please notify Troi via email at tbachmann@ncrealtors.org, so she can relay this information to our state and federal teams if necessary. 
 

FEDERAL:
Resources for Property Owners: NAR has created a Coronoavirus Resources Page for property owners, aggregating many organizations providing relief and support. 

NAR Secures Unemployment Aid for REALTORS: The US Senate passed a $2 trillion COVID-19 economic relief package on Wednesday night. The House will vote on the legislation Friday, and it is expected the President will then sign into law. This legislation includes:

• $350 billion for Small Business Administration 7(a) loans.

• Self-employed and independent contracts INCLUDED in unemployment insurance up to 39 weeks. 

• Delay in employer payroll taxes.

• $500 billion stimulus to large businesses (airlines) affected by the virus.

• One-time payment of $1200 for most American adults and $500 per child.

Read more about the legislation here. 

Relief for Commercial RE: NAR has requested the following as Congress and the Administration continue to explore relief for Americans: 

• 1031 Like-Kind Exchange deadlines extended through the period of the crisis;

• Qualified Opportunity Fund working capital safe harbor extended through the crisis;

• Relief for multifamily property owners in any packages/relief measures that address tenant relief/eviction foreclosures; and

• Specific relief for small businesses throughout the country which have to temporarily close down and/or layoff employees as a result of the crisis, by supporting the "Keeping Workers Paid and Employed Act," cosponsored by Senators Rubio (R-FL) and Collins (R-ME).  

Full Provisions of the Families First Coronavirus Response Act

HUD Suspension of Foreclosures and Evictions: The Federal Housing Finance Agency announced yesterday that it will suspend foreclosures and evictions on Fannie Mae, Freddie Mac, and FHA-insured mortgages until April 30. Follow all of HUD's updates at hud.gov/coronavirus.

NAR Mid-Year Meetings to be held Virtually: Due to recent restrictions and recommendations implemented by the federal & Washington, D.C. governments, NAR will deliver previously-planned programming and committee meetings virtually. Find out more here.

STATE:

NC REALTORS Asks Governor to Designate Real Estate Services as Essential:  Last Wednesday, NC REALTORS® sent a letter to Governor Roy Cooper to ask that he designate real estate services as essential under his current disaster declarations. Over the past few days, we have begun to hear of REALTORS® facing challenges in completing closings due to the changes being made by Registers of Deeds across the state. To help mitigate the potential economic harm, we have made this important step.

NC Real Estate Commission Approves Emergency Rules in Response to COVID-19:

On Wednesday, the North Carolina Real Estate Commission passed an emergency rule package in response to the current COVID-19 situation. These rules primarily address education requirements for licensees due to the guidance offered by the North Carolina Department of Health and Human Services and Centers for Disease Control (CDC) regarding prohibitions on mass gatherings and social distancing.

The rules are available on the NC Real Estate Commission’s website and are pending final approval by the state Codifier of Rules. They are expected to go into effect in the next few days. As soon as they are, you will receive email communications from the Commission.

• The Commission shall grant all brokers an extension of time to complete postlicensing and continuing education courses, as well as the 12-hour Broker-In-Charge course.

• All schools and course sponsors will cease (cancel or suspend) all in-person courses until April 30

• Schools have been given the approval to hold synchronous distance learning (i.e., live webinars or web-based conference platforms) under the following deadlines:

  • Until June 10, 2020, schools and course sponsors may offer synchronous distance-learning for continuing education courses

  • Until June 30, 2020, schools and course sponsors may offer synchronous distance-learning for prelicensing and postlicensing courses.

• Schools shall allow students to make-up courses through taking another course offered by the school

• The Commission has also granted educators an extension on their instructor renewals.

NC Courts Pause Evictions and Foreclosures: NC Courts are attempting to limit social contact as a response to COVID-19, and as such, many court proceedings have been paused for 30 days, including evictions and foreclosures. This decision does NOT prevent the filing of evictions and foreclosure paperwork, and it does not relieve tenants and landlords from fulfilling their obligations. Once the pandemic has passed, these operations will proceed.

• Important to Note: This directive does NOT prohibit emergency evictions (due to activity that endangers health and safety of others). These proceedings will go before magistrates, operating as normal at this time.