BP offers compensation to real estate professionals

The Texas Association of REALTORS(R) reports that real estate brokers and agents in Texas who have lost income as a result of the Deepwater Horizon oil spill may be eligible for restitution from the BP Gulf Coast Claims Fund. To qualify for these emergency funds, applicants’ lost business must be in close proximity to the coastline.
What’s the objective of this fund?
The fund is intended as emergency assistance and pertains only to certain types of lost income with many exclusions, such as commercial transactions. Consult the claim form to determine eligibility.

How much assistance is available?
Each claim is eligible for a maximum payment of $12,000.

Who decides if a claim is paid?
Members of the Texas Association of REALTORS® Legal Department and Leadership Team will conduct preliminary reviews of claims to confirm eligibility, but the association will not determine fund allocations. The eligible claims will be forwarded to a third-party administrator who will decide which claims to pay.

How do I file a claim?
Download the claim form from TexasRealEstate.com. The deadline to file a claim is Nov. 23, 2010. Contact the Texas Association of REALTORS® Legal Department at 800/873-9155 for more information.

(Article reprinted crassly without permission, originally published by