Real Estate Closings in the Time of COVID-19

The coronavirus pandemic has affected nearly every aspect of life around the world, and real estate closings in Illinois and Indiana are no exception. Social distancing orders in effect make it nearly impossible to get the usual parties together in a conference room that would traditionally close a real estate sale.

Thankfully, now attorneys, mortgage lenders, and title companies have the ability to complete most of their work while telecommuting and have developed alternate methods of doing business, so real estate closings can proceed even in places where non-essential businesses have been required to shut down. The impact of the pandemic, however, does mean some changes to a standard closing checklist have taken place. Here is an overview of some changes that have taken place and how we have changed the way we do business to better meet your needs.

Video Signing

When possible, some lenders are allowing borrowers to video sign loan and closing documents. Many sellers can utilize this signing option no matter if the buyer is purchasing with cash or a loan. When video signing is not a possibility, the documents can be physically signed at home or in-office with as little contact as possible.

Power of Attorney

Because the parties involved will not be physically together for the closing, our team will provide a Power of Attorney for you to execute and return to us. A Power of Attorney is a document that must be signed, witnessed, and notarized that gives us the authority to act on your behalf in a legal matter – in this case performing the duties you would normally do to close on real estate. This will allow our team and any closing professionals involved to accept sale documents and sign on your behalf. It will allow the closing to proceed without the need for your physical presence. This is also the recommendation of large title companies in Illinois such as Proper Title.

“Curbside” Closings

At Giorgi & Bonomo, our clients can still proceed with their closing as planned thanks to our option for “curbside” closings.  Title companies such as Proper Title, offer clients this service so that no one will miss the chance to buy their dream home. This means we will sign all sellers by bringing the necessary documents directly to your car for signature in order to limit physical presence in close proximity with one another and limit interaction with our staff.

Contact a Real Estate Attorney Today

The effects of COVID-19 have changed the way we interact with one another and do business, but it’s important to know it will not keep you from moving forward with the purchase or sale of your home. The experienced real estate attorneys at Giorgi & Bonomo have spent years representing buyers and sellers in the Chicago and Northwest Indiana area and are prepared to continue innovating in these uncertain times and deliver creative, tailored representation to protect your rights and get the result you want. Contact us at (800)-510-2685 or complete our online Contact Page to get started today!