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4 Common Questions Home-Buyers Have When Making An Offer During The Pandemic

Tuesday Jan 25th, 2022

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The pandemic has been challenging for everyone in many ways, when it comes to real estate it's been leading us to have a lot of questions and concerns unanswered when it comes to making an offer or when closing a real estate deal. Luckily, we’re here to help. Here are 5 commonly asked questions home buyers are asking when going through with a real estate deal:

Can a home buyer cancel a deal during the pandemic?

No matter what the circumstances are, whether the buyer has COVID, they are quarantining, whether they lost their job or cannot maintain/find a mortgage, a buyer cannot cancel a deal when a contract is signed and handed to the sellers along with the deposit. In most cases, however, a buyer can ask for an extension if it’s mentioned in their contract or the sellers agree to provide one. 

Can the seller refuse a pre-closing visit to the property during a pandemic?

If the seller is refusing a pre-closing visit in fear of getting COVID, then an agreement would have to be arranged between the seller and buyer on how to proceed, especially if it's mentioned in the contract. For example, there could be a time limit that is set or an agreement where the buyer doesn’t not touch any of the seller’s personal belongings during the visit or a virtual visit can be arranged. Either way, if stated in the agreement of purchase & sale, the Seller must cooperate with the buyer to allow access for a final re-visit.

Can the buyer or seller complete a real estate deal without meeting the lawyer in person?

With today’s technology, it’s definitely possible to avoid visiting lawyers in person to sign the final documents, there could be a virtual call and documents sent over DocuSign or any other platform that lets buyers sign and initial where it’s needed. 

Can the Government Land Registry System close down because of a possible lockdown?

It’s very unlikely for the land registry system to close down completely, even in the case of a lockdown the staff are able to work remotely. However, if it does happen then most real estate closings could still proceed as long as the buyer had title insurance, which provides gap coverage, meaning that the agreements can close as scheduled, money can be paid to the seller, the keys released to the buyer, and registrations occurring once the system is up and running again.

 


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