Dear MCAR member,

MCAR staff and I continue to provide you with information as quickly as possible. Please see the highlights from C.A.R. below, and check out the N.A.R. Leadership Live recording. Please keep in mind, as noted in the N.A.R. recording, stricter local rules apply.

For the latest Monterey County Market Overview from Aculist, please click here , or on the image below. MCAR's COVID-19 Information and Resources page continues to hold all of our recent updates for your reference.

Thank you, 

C.A.R. Releases Two New Forms for Owners of Rental Properties
C.A.R. has released two new forms related to the COVID-19 pandemic. The first form is a Notice to Tenant of Ability to Pay Rent During Coronavirus Pandemic (Form NTAP); the second is Coronavirus Rent Payment Delay and Repayment (Form RPD).

Form NTAP is an informational notice that a landlord can send to a tenant for the purpose of starting a dialogue with the tenant regarding the payment of rent during the coronavirus pandemic.

Form RPD is an addendum to a residential lease or rental agreement that, when agreed to and signed by the landlord and tenant, documents the tenant’s claim that the tenant is unable to pay rent and the reason for the inability; proof of the inability to pay; the amount of the rent not being paid; and a plan to pay it in the future.

Both forms are available now and will be in zipForm® later this week.
Judicial Council Emergency Order Halts Evictions
The Judicial Council of California, acting under broad authority granted by Governor Newsom, halted all eviction lawsuits — otherwise known as “unlawful detainer” lawsuits — statewide. The Council’s emergency order: Prohibits any summons for unlawful detainer, even if a complaint had already been filed; prohibits any default judgment, even where the tenant remains in the property; postpones all trials for 60 days from the initial date of trial. No trial may be set any earlier than 60 days after the request for a trial is made.

The emergency order remains in effect for at least 90 days after the governor lifts the state of emergency — declared by Governor Newsom on March 4, 2020 — or until amended by the Judicial Council. The Judicial Council order will likely be in effect through August. 
Protect Yourself from SBA Loan Scams
The authorization of COVID-19 relief funds by the federal government under the CARES Act has seen a rise in scammers trying to divert those funds into their pockets. Check out these tips to stay safe online and avoid any interruption in receiving relief funds you may be entitled to.
C.A.R. Update on Coronavirus Market Impacts
The Coronavirus has worsened this past week with both new cases and the number of deaths continuing to rise, and some of the economic data is beginning to catch up to the reality that has been playing out over the past few weeks. Critical economic indicators showed ongoing deterioration with new records for unemployment and economy in general and noticeable effects on California’s housing market in particular.
Keeping Clients Informed During COVID-19
In these extraordinary times, it’s even more imperative we use technology to safely deliver valuable information to clients and maximize human connections in a remote setting. Despite the challenges of the COVID-19 outbreak, Homebot positions agents as the trusted expert and delivers personalized, actionable intelligence to every client throughout the homeownership lifecycle.

Homeowners rely on agents to help them make informed decisions and build wealth through homeownership. By the time the average American retires, most of their wealth comes from home equity. Especially in these trying times, home equity is an important financial tool for homeowners. Learn more about Homebot today and as a C.A.R. member, you can share Homebot with up to 25 clients for free.
IRS Extends Tax Deadlines

The IRS issued guidance Thursday evening to grant deadline relief for both  1031 like-kind exchanges  and  opportunity zone investments  that are already underway. Both of these programs are designed to promote economic growth in communities, and NAR made the case that investors in these programs should not be harmed due to the effects of COVID-19.
  • 1031 Like-kind exchanges. If an investor has taken the first step of a like-kind exchange by selling the old property, and either the 45-day or the 180-day deadline falls between April 1 and July 15, the deadline has been extended to July 15. 
  • Opportunity Zones.  If an investor who sold a capital asset planned to roll over the gain into an Opportunity Fund and the 180-day deadline to do so falls between April 1 and July 15, 2020, he or she can make the investment as late as July 15.  
Also, sole proprietors who pay quarterly estimated taxes now have until July 15 to file their second quarter payment. As a result of an earlier IRS notice, first quarter estimated tax payments had already been extended to July 15. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty.  
NAR has advocated heavily for these extensions since the outbreak of the COVID-19 pandemic. We'll have a full analysis of this announcement Friday on our dedicated  coronavirus  page.