The Safety of You and Your Clients is Our Priority
As COVID-19 (Cornoavirus) spreads throughout South Dakota and with Gov. Krisit Noem’s state-of-emergency declaration, we understand that many things are uncertain at this time. SD REALTORS® is working with other entities such as the National Association of REALTORS® (NAR) and local partners to communicate important updates regarding the COVID-19 and its impact on the South Dakota real estate industry.
The South Dakota 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 can be found on the members only page – CORONA VIRUS ADDEMUM
Please understand that information is constantly changing and SD REALTORS® will continue to update the information and guidance below. We will also be posting updates and videos on the Facebook, so please make sure to follow us.
Center for Disease Control
South Dakota Government
National Association of REALTORS® (NAR)
NAR’s Federal Advocacy team has been working closely with Congress and the Administration to ensure the interest of REALTORS and their clients are protected in any federal action in response to COVID-19, in addition to minimizing transaction disruptions during these difficult circumstances. As the actions out of Washington evolve daily, below are a number of Q&A to address ongoing fixes being proposed and implemented in response to the pandemic. Coronavirus Advocacy FAQ
Visit the following website for the most current information: https://www.nar.realtor/coronavirus
Internal Revenue Service (IRS)
U.S. Dept. of Commerce
Assistance Options for Homeowners Impacted by COVID-19
There are hardship programs in place to help homeowners who have been directly or indirectly affected by the coronavirus and are struggling to make their mortgage payments. The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, encourages homeowners adversely impacted by the coronavirus who are having difficulty paying their mortgages to reach out to their mortgage servicers as soon as possible. As the Consumer Financial Protection Bureau advises, “you can find the number for your mortgage servicer on your monthly mortgage statement or coupon book.”
FHFA has established a dedicated webpage with relevant updates and resources available here: www.fhfa.gov/coronavirus
Additionally, Fannie Mae and Freddie Mac have their own dedicated webpages for homeowners, with online tools for determining if your mortgage is owned by Fannie Mae or Freddie Mac:
Use Fannie Mae’s Loan Lookup Tool
Use Freddie Mac’s Loan Lookup Tool
Or call 1-800-FREDDIE (1-800-373-3343)