Coronavirus (COVID-19) Resources for REALTORS®
The North Dakota Association of REALTORS® (NDAR) joins NAR in strongly discouraging in-person open houses during this time of social distancing. We encourage you to be sure your brokerage/team and fellow agents are in sync about your approach, as you continue to work with clients in creative ways through technology and online marketing tools.
As NAR states in its guidance: “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.”
Unfortunately, COVID-19 has the potential to create unavoidable problems with many real estate transactions.
Contract law has an established doctrine, called Force Majeure, which allows a party to a contract to suspend performance if such performance would be impossible or impracticable, under circumstances which were generally unforeseeable at the time of contracting and are beyond the control of the party. COVID-19 events probably qualify as Force Majeure events.
The North Dakota Association of REALTORS® has developed a form for the use of members in addressing this issue. With this form, the parties have the opportunity to agree that, in the event that persons essential to the real estate transaction are affected by a COVID-19 event, such as quarantine, hospitalization, unavailability of necessary professional and government services, and other causes directly related to COVID-19, either party will have the right to trigger an extension, for a length as agreed by the parties at the time of signing the form, for any yet-unexpired deadlines in the purchase agreement and for closing. At the end of the agreed extension, if the COVID-19 event is not yet resolved, either party can terminate the agreement (subject, of course, to the right of the parties to agree to another extension).
The form can be used as an addendum in future purchase agreements but is also set up so that, if parties so desire, the form can be used as an amendment to an existing purchase agreement. In either event, members are reminded to make specific reference to the addendum form in the agreement.
ADDENDUM & MEMORANDUM – Can both be found at this link https://www.ndrealtors.com/membership/services/
*You will need your log in info for the NDAR site to access the forms, or can contact your local board office. Please note: The NDAR website user name would be your member ID & the password is universal for all – which is: NDAR01701
The National Association of REALTORS® is providing guidance to help REALTORS® respond to the coronavirus’s potential impact on the real estate industry. Any updates from NAR and its response to the coronavirus emergency will be collected on this page. https://www.nar.realtor/coronavirus
outlines various key components of NAR’s coronavirus response, related legislative initiatives and other logistical matters.
NAR Weekly Update — Outlines various key components of NAR’s coronavirus response, related legislative initiatives and other logistical matters.
Of note, NAR has issued information and guidance on the following:
Coronavirus Resources for Property Owners
Provides homeowners with information about assistance during the COVID-19 crisis. I’ve also attached the PDF. This will be updated regularly, if not daily, as new assistance plans are created.
Sample Preparedness Plan – a step-by-step plan for communicating about a COVID-19 case on staff.
NAR’s Federal Advocacy team has been working closely with Congress and the Administration to ensure the interests of REALTORS® and their clients are protected in any federal action in response to COVID-19, in addition to minimizing transaction disruptions during these very difficult circumstances. As the actions out of Washington evolve daily, below are a number of Q&As to address the ongoing fixes being proposed and implemented in response to the pandemic. Congress has passed an $8 billion stimulus package providing emergency funding to fight COVID-19, the Families First Coronavirus Response Act (FFCRA), and is currently working on a third stimulus package – the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). More legislative packages targeted at specific industries are expected after the third phase. We will update this document as events warrant.
PDF link to doc: narfocus.com/billdatabase/
GNDC (North Dakota Chamber):
GNDC (ND Chamber) – COVID-19 Business Information hub page. This page has the latest information and resources, including links to existing state and federal resources, summaries of COVID-19 bills passed or proposed by Congress and the White House, and a whole host of other useful information. We have also partnered with the North Dakota Dept. of Commerce and Gov. Burgum to host weekly COVID-19 ND Business Briefs, so you can hear directly from experts about tools available to help businesses through this uncertain time. https://www.ndchamber.com/
Coronavirus Tax Relief https://www.irs.gov/coronavirus
What is NOT extended:
• This does not apply to 1065 and 1120-S returns that were due on 3-16-2020. Those needed to be filed or extended.
• Form 941 (employment tax) is still due on 4-30-2020.
• W-2’s, 1099’s, 1095’s, etc: “No extension is provided in this notice for the filing of any Federal information return.”
• Each state is making their own decision. The IRS urges taxpayers to check with their state tax agencies for those details. More information is available at https://www.taxadmin.org/state-tax-agencies
Department of Commerce:
ND League of Cities:
Resource page with trusted information for cities in North Dakota when managing municipal resources during the COVID-19 (coronavirus) outbreak.