We are all experiencing new ways of doing things and when buying or selling a home it’s no different. COVID-19 is now a common word we see in the contracts.
If you are looking for a home or will be in the future, you are probably going to attend some open houses. Only one family at a time can go through the home, you must wear a mask and you will have to sign a waiver before taking the tour. This usually includes information such as you are stating you do not have COVID-19 and the agent/seller is at no fault if you get sick afterward.
When you are ready to make a purchase, you will see parts of your contract that discuss COVID-19 related, potential issues. These could be due to a delay from the bank, the title company, even something like verification of employment. If your employer is working from home, it could take longer than normal for a simple procedure like that to be completed. All of this is taken into consideration and the contract can allow for a 30-day extension if any of these issues should arise.
Even if you are buying a home and you fear you might be laid off or that we might encounter another government shutdown, this COVID-19 contract language can excuse the whole performance of the contract or add additional time.
Every real estate agent attorney is working hard to keep you updated and provide prompt representation. In this market, bidding wars are happening often and multiple offers are coming up for houses, so hiring an attorney who can get things done fast while providing you the proper protections and negotiations needed is key.
Technology has been helpful, as now contracts are getting created, signed and completed even faster due to easier access through Zoom meetings, emails and even down payments being wired. I recently had a contract go from initial creation to completion in about 12 hours.
On the rental side, there is still a moratorium on evictions with dates changing constantly on the matter. Stay tuned for updates and keep your records straight for when everything starts back up again.
In other news, we celebrated our Office Manager Rhonda’s birthday this month and my son, James, got his driving permit. It’s an exciting time. We also took a quick trip to the Jersey Shore and even though I was on the beach, I was still answering emails and keeping contracts moving. This is the beauty of remote working!