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NC REALTORS® WORKING FOR YOU

As always, the well-being of NC REALTORS® members and your families is our first concern. We recognize that these are unprecedented times for our state, our nation, and countries around the world.

REALTORS® Your Association is working hard for you!
Click the links below to learn more:

-  NC REALTORS® Letter to Governor Cooper

 

 

NC REALTORS® has published Form 790-COVID-19 Addendum to the 2T-Offer to Purchase and Contract. This Addendum allows the parties to agree to an extension of the Contract (time period to be negotiated by the parties) if circumstances arise related to the world-wide Coronavirus (COVID-19) pandemic that could make it unduly burdensome or impossible for Buyer or Seller to exercise their rights and/or perform their obligations under the Contract. This form is not required, however, it is being made available to all REALTORS® to use if appropriate in their transaction.

790-COVID-19 Addendum - Offer to Purchase & Contract
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If you have questions regarding the Addendum, please contact the Legal Hotline by emailing This email address is being protected from spambots. You need JavaScript enabled to view it. during business hours, Monday through Friday, 8:30am to 5:00pm.

 

Health and Safety

With careful hygiene and interaction limits, we can help to limit the spread of this virus. We encourage you to follow all guidance issued by the Centers for Disease Control and the NC Department of Health and Human Services:
• Wash your hands with soap for at least 20 seconds and limit your contact with persons in high risk categories.
• Avoid gatherings with more than 10 people and limit your social interactions to the fullest extent possible.
You can access our full list of resources on our website. This list will be updated as conditions warrant. 

Market Perspective

While there are difficult times ahead, our industry is in a strong place and will continue to move forward. In response to the economic turmoil, the Federal Reserve dramatically reduced interest rates last week. With mortgage rates already at historically low levels, economists believe that they will not drop much further.

According to Lawrence Yun, chief economist at the National Association of REALTORS®, during the last recession, real estate was on “wobbly ground with loose lending and too much supply. Today, there is no subprime lending and too little supply. The real estate market will hold on much better.”

Disrupted Transactions

NC REALTORS® is exploring possible options to draft language that could apply to transactions that cannot move forward due to COVID-19. Any potential form will likely be very broad and would need to be reviewed and customized based on specific transactional considerations. Any REALTOR® with immediate transactional needs should consider consulting with their closing attorney to draft language for that particular transaction.

At The State Level

The NC Real Estate Commission is currently working on emergency rules to allow for education extensions and allowances for greater on-line education access. More information will be distributed on the NC REALTORS® website and through email as it becomes available.

Additionally, the NC REALTORS® Government Affairs team is monitoring the activities of registers of deeds and the court system to determine any challenges to the marketplace and are working with the Governor and the counties to keep operations running. We have also provided further information to the Property Management Division about the challenges facing evictions and foreclosure proceedings given the limiting of the court calendars around the state.

At The Federal Level

NAR continues to communicate with lawmakers regarding the impact that independent contractors are feeling during this crisis. Legislation was passed by the House of Representatives and is currently being considered by the Senate. More information is available on nar.realtor.