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VideosCovid-19 Closing Update
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VideosAre we still able to close with the current limitations placed by the Governor of New York and how are closings going to be conducted with offices closed or running with limited resources?
UncategorizedYes. Our office has performed a number closings during the pandemic with modifications to ensure the safety of the parties involved. Many aspects of a closing can be conducted without the physical presence of parties. However, there are sometimes delays in remote closings compared to a traditional in-person closing, such as clearance from lenders and requirements for original signatures. Our firm understands the importance of social distancing and following the Center for Disease Control and Prevention guidelines, along with the New York State Department of Health Guidelines, to protect our clients and therefore we will do everything we can to make the closing as safe, simple, and stress free as possible.
What happens if I lose my employment or become ill due to COVID-19 and I cannot obtain financing or I am unable to close on the purchase of my house?
UncategorizedIt is understandable to be nervous about obtaining financing or closing on your purchase of a home during the COVID-19 crisis – especially when someone loses his or her employment status. However, our firm can help protect you by adding COVID-19 focused contingencies in a contract of sale to target such situations. Additionally, our properly drafted mortgage contingency language in a contract of sale will also protect a purchaser if they cannot obtain financing even after the contract is signed. These contingencies would allow for the purchaser to cancel the contract of sale and receive a return of their contract down payment even after contract signing.