COVID-19 and Real Estate Closings
The real estate market, like everything else, is seriously affected by COVID-19 and the new practices that have followed it. The closing process especially can look much different than it did several months ago. What should you expect for the closing process during COVID-19?
Normally, every seat at the closing table is filled by the buyers, the sellers, real estate agents, and attorneys. As this would not comply with the CDC definition of “social distancing”, we are seeing more and more closings using electronic documents with sellers and their agents signing remotely. With the new expansion of Florida signing law, more and more closings are expected to be done remotely. As far as in-person closings, they should include sanitization of surfaces and pens as well as limited social contact and exchange of paper.
Regardless of whether closings will be done online or in person, it does seem that it will be a bare-bones, no-frills process. Real estate professionals are doing their best to continue their work, as well as pushing through their closings that had already started when the pandemic hit. This simplifying of the process is an attempt to limit the number of people who are present at a closing to better fit the CDC safety and health guidelines. For now, closings are proceeding, but every real estate professional is keeping a close eye on the banking system to watch for any changes.
Kendrick Law Group understands that closings can look very different right now, but we are dedicated to making sure you get the closing or settlement you need. If you have any questions about your current or future real estate transaction, call our team of attorneys at the Kendrick Law Group and Champion Title & Closing to learn more or to obtain one of our customized closing guides.
Co-written by: Layne Cohen, Law Clerk