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April 2, 2020 in Commercial Real Estate

Residential and Commercial Real Estate now included in essential services. In March 28, 2020 the U.S. Department of Home Security Cybersecurity and Infrastructure Security Agency (CISA) added residential and commercial real estate to the list of essential services during the coronavirus (Covid-19) pandemic. This includes settlement services. However, for cities or counties that have more restrictive standards or guidelines about what they can consider as essential services, those guidelines will be prioritized.

According to the memo released by CISA, the list includes:

“Staff at government offices who perform a title search, notary, and recording services in support of mortgage and real estate services and transactions”

“Residential and commercial real estate services, including settlement services.”

The complete list can be found on their website at: https://www.cisa.gov/sites/default/files/publications/CISA_Guidance_on_the_Essential_Critical_Infrastructure_Workforce_Version_2.0_Updated.pdf

Protecting the health and safety of clients and fellow real estate brokers, agents, and sales people. With the real estate services being listed as essential, it is still important to ensure that we adhere to the highest standards for safety and health when dealing with our clients and fellow licensees. It is important to follow the existing protocols for protecting against Covid-19. If the rules are not followed, the state guidelines could change to stop or restrict real estate activities. This is why it is very important for us in the real estate industry to conform with the health guidelines.

Here are some guidelines to follow:
No open houses
Keep showings virtual
Wear safety equipment such as masks, eye protection, etc
Hold online meetings with fellow licensees through Zoom, Skype, or Gotomeeting

Both C.A.R. and NAR have requested meaningful, long term relief to help the real estate market. As independent contractors, realtors do not have access to the usual safety net that are enjoyed by other industries, including unemployment benefits. This is why both C.A.R. and NAR have requested meaningful, long term relief to help the real estate market to sustain the workers , salesmen, and business owners in the Covid-19 pandemic.

CARES Act helps realtors with loans and pandemic unemployment assistant. With President Trump signing the $2 trillion stimulus package, there are now financial relief options for realtors which includes forgivable SBA loans and pandemic unemployment assistance. It includes the SBA Paycheck Protection Program (PPP) loans which allows businesses with fewer than 500 employees, sole proprietors, independent contractors, and self-employed individuals to have loans of up to $10 million. The U.S. Small Business Administration is also providing low-interest economic injury disaster loans (EIDLs) to small businesses. Small businesses may qualify for loans up to $2 million, with long term repayments of up to 30 years. You can only choose one type of loan, either the PPP loans or the EIDLs and not both.

For more information about Residential And Commercial Real Estate Now Listed As Essential Service – March 28 5:30 P.M., Visit our website.

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Table of Contents

Things You Need to be Pre-Approved for a Mortgage
Which Moving Company Should You Use?
What to Look for in a Foreclosure Deal
What Does That Mean – Mortgage Type
Mortgage Loan Rejection: What Next?
Pennywise Moves for Retirees
How to use Natural Lighting to Enhance Your New Home
5 Factors to Consider Before Purchasing a Vacation Home
5 Tips for Families Living on One Income
Tips for Dealing With a Debt Collector
Advantages of Using Furniture Pads When You Move
First Time Home Buyers’ Incentives
Get Rid of Dark Spaces
Some Compelling Reasons to Start a Home Garden
Thinking Outside the Box Lamp
Novice Moving Day Mistakes and Expert Solutions
Should You Install Skylights?
Are You an Ambitious House Seller?
Prepare for a Home Search
Apps for Monitoring Your Energy Use
Pick Up a Smart House Device Without Breaking Your Budget
Why You Should Be Cautious About Home Size
Should You Buy A Home Outside Of Your Budget?
Things You Need to Consider Before You Host a House Showing
Reasons to Tailor Your Home Search to Your Budget
How To Make Flat-Pack Furniture Seem Built In
Tips on Creating a Luxurious Indoor Swimming Pool Area
Key Reasons to Trust a Home Inspection Report
Execute a House Selling Plan
Common Home Selling Problems and How to Avoid Them
Tips to Remember When Staging Your Home to Sell
Step-by-Step: Creating a Cubby Bookshelf
3 Reasons to Buy a Small Town Home
Use Vertical Space as a Storage Solution
What Should You Do If You Suspect Identity Theft
Financial Planning: What is the Estate Tax?
Aromatherapy for a Mood-Lifting Home Environment
Amazing Indoor Water Feature Ideas
How to Remove Old Carpet
Green Features: What Buyers Are Looking For
How to Make a Good Impression on Home Buyers