Gulf Coast Real Estate Professionals to Receive Compensation From BP Oil Spill

Posted in Alabama Maritime News,BP British Petroleum,Environment,Florida Maritime News,Gulf Coast,Louisiana Maritime News,Mississippi Maritime News,Texas Maritime News on September 10, 2010

WASHINGTON D.C. – Kenneth Feinberg, Administrator of the $20 billion BP Oil Spill Fund or GCCF (Gulf Coast Claims Facility), announced that he would set aside $60 million for claims by real estate agents and brokers who have lost sales or commissions as a result of the Gulf oil spill.

Kenneth Feinberg, BP Oil Spill Fund Administrator

Funds will be avaialable to real estate professionals in five Gulf Coast states: Texas, Louisiana, Mississippi, Alabama and Florida. The funds would be distributed by the Realtor trade associations in each of the five states.

The Houston Texas real estate market was hit by the gulf oil spill. In an article at the TexasRealEstate.com website, the chairman of the Texas Association of Realtors, Bill Jones, had the following to say:

We do know there are local real estate professionals who’ve experienced financial losses due to transactions that were terminated because of the oil spill. The decline in tourism and interest in real property sales and leases due to the oil spill has affected some of our real estate businesses in southeast Texas, and we’re grateful to Mr. Feinberg for all he’s doing to help.

The protocol applies mainly to claims for damage or destruction. Any individual or business who owns or leases real or personal property that was physically damaged or destroyed as a result of the spill may make a claim. The applicant’s lost business must be in close proximity to the coastline.

Eligibility is mainly based on proximity to the coast and proof of loss of commission or income as a result of the oil spill, among other things. The fund is available to all real estate licensees with active licenses at the time of the loss, not just Realtors. The maximum amount per claimant is $12,000, and claims will be paid immediately upon approval.

A website has been established to help real estate professionals with their claims. Applicants can submit an application by filling out an online relief fund application.