Is there a form to use with commercial tenants who are having trouble paying the rent due to COVID-19 issues?

Texas REALTORS® has created the Commercial Lease Rent Forbearance Agreement. This form enables commercial tenants and landlords temporary flexibility for paying rent and other sums.

What information can I share with commercial tenants and landlords about COVID-19 issues?

To help your tenants and landlords understand how COVID-19 affects their leases and rental properties, Texas REALTORS® has developed two fliers: one to share with your tenants and one to share with your landlords.

Have commercial evictions been put on hold statewide due to COVID-19?

No. However, the Texas Supreme Court and the Court of Appeals issued an order that allows all Texas courts to modify or suspend any and all deadlines and procedures for a period ending no later than 30 days after the governor’s state of disaster has been lifted. Therefore, the local orders issued at the city and county level may put holds on all evictions—residential and commercial. Texas REALTORS® advises its members to continue to monitor developments on evictions at the city and county level, encourage clients to review the applicable local orders for information regarding commercial evictions, and recommend clients contact their local court to determine if it is allowing filings at this time.

Has the IRS provided deadline extensions for 1031 like-kind exchanges and opportunity zones?

Yes. The IRS issued guidance granting extensions until July 15 for a broad range of tax-related actions. Taxpayers filing as individuals, corporations, partnerships, trusts, and estates are eligible. If a deadline for filing a tax return, including associated schedules, or making a payment falls between April 1 and July 15, the deadline has been extended to July 15. For example, if the 180-day deadline to close on a replacement property under a 1031 like-kind exchange falls between April 1 and July 15, the new deadline is July 15. Similarly, if the 180-day deadline to invest in a qualified opportunity fund falls between April 1 and July 15, the new deadline is July 15. The extension is automatic; there are no forms to file for the extension.

NAR Requests Commercial Real Estate Relief

NAR is advocating for the interests of commercial real estate in relief packages and stimulus plans. NAR’s commercial real estate membership includes specialists in multifamily properties, small businesses, retail/restaurants, warehouses, and offices, among others. Read what NAR is doing.