How Real Estate Transactions Work during the COVID-19 Pandemic
These are uncertain times. COVID-19 has interfered with nearly every aspect of our lives and real estate transactions are no exception. If you were involved in a transaction before the crisis launched and the shutdowns began, you are likely curious about what happens now.
In many cases, real estate transactions will proceed as planned, but how they are handled will look a bit different. What do you need to know?
Online Real Estate Transactions Handled by an Experienced Real Estate Attorney
The primary concern right now in the real estate industry is keeping everyone as safe as possible. Thankfully, it is possible to observe social distancing and sanitation and cleanliness without putting a lid on real estate transactions. Whether it iscontract issues, choosing a property, negotiating terms, or closing a transaction, it is possible to achieve all steps in the real estate process during the COVID-19 pandemic.
Virtual Tools Help You Deal with Online Real Estate Transactions Amid COVID-19 Concerns
Nearly everything that needs to occur in a real estate transaction can occur online. The only thing that might be a challenge is inspecting a property, but there are safe ways to take care of this task, too. Real estate attorneys are working with clients right now to find the safest and best way to deal with each step of the real estate transaction process.
Reviewing Documents Related to Real Estate Transactions
The current circumstances we are facing might have you feeling unsure about a real estate transaction. Many people are reviewing contracts and other documents in light of things that were unimaginable just a few weeks ago.
An experienced real estate attorney can help you evaluate your existing documents – leases, loan documents, purchase agreements, and more – to determine how COVID-19 affects them. They can look for “Force Majeure” or “Act of God” provisions or see if there is anything in your paperwork that specifically addresses pandemics and/or widespread disease.
If you are drafting new documents, it is important to make sure everyone manages the process safely and practices social distancing, while still creating airtight, legal documents. The same is true for closing online real estate transactions.
Keep in mind, our current circumstances might extend the timeframe of your transaction a bit. It is important to be flexible and open to a variety of options. Transactions can still be completed efficiently and promptly, as long as everyone is willing to work together.
Many of the things you expected might not occur as planned, but that does not mean you cannot complete a real estate transaction and be confident everything was handled properly.
Handling Real Estate Transactions Online during the COVID-19 Pandemic
Our firm is offering online consultations and taking precautions to fulfill real estate matters. We can do it safely online and protect against significant delays. Our clients deserve to be kept safe without having their real estate situations put in jeopardy.
For more information or to discuss how to complete your real estate transaction safely, contact Mark Stern.
FAQ
- How Do Online Real Estate Transactions Work?
Most steps in a real estate transaction can be conducted virtually. Even with the occasional snag in the process, it is possible to buy and sell a property without face-to-face interactions. Many real estate agents are conducting business over the phone or electronically. This includes everything from virtual home tours to drafting contracts, negotiations, and closings. With social distancing limitations, agents have been forced to use technology any way they can to keep the real estate transaction process moving forward.