How Is The Process Of Closing A Home In The Current Situation?

For many people, these past few months have been complicated and full of mixed emotions. Due to the arrival of the coronavirus, many people have been affected both personally and at work. The way we live and how society works have also been affected by the pandemic.

No one knows when the world will return to normal, although the real estate market continues to persist despite social distancing measures. The real estate industry is an essential service, but it is necessary to have buyers and sellers of houses and properties to operate.

Real estate agents have taken security measures to protect themselves from the pandemic and prevent the virus from spreading. Among them is the remote closure to complete the sale of the house. In recent years, digital closure has been increasing, and many agents have relied on it.

The Original Process To Close A House

The property closure process consists of many mobile aspects that require some creativity to operate with social distancing measures. The government continues to support the real estate market because it boosts the economy.

This government support results in lawyers, real estate agents and lenders continuing in this business.. So it would help if you did not worry about this issue because when the closing date is close, you will be able to finish your business without any problem.

Homebuyers And Sellers

You can get a home inspection

To complete the closing process, a home inspection is always essential. The real estate agent, along with the buyer, completes this step together, but with social distancing measures, they must find another inspection method.

If sellers agree to have agents inspect your home, they must comply with new protection regulations such as face masks, hazardous materials suits, respirators, etc. When all this is ready, the agent can share with the buyer using the technology to make the virtual visit through a video conference.

There are situations when buyers can forgo this video conference and close the home, although this can be risky because the house may need repairs that you do not know and should know before the closing process.

Final tutorial of the new house

Having the route of a new home is extremely important. So you can know that everything is in order and good condition before signing for the offer. Due to the pandemic, other measures are used so that buyers can make the journey of their new home.

Buyers can speak to the seller for a private tour of the home; in this case, they can leave the key safely. Thus the buyer can enter the house to complete the final tour. You should wear a mask and gloves to avoid contagion for both you and the vendors.

Title review and title insurance

Your lawyer will be in charge of reviewing the title of the house; this is the transfer of property between the buyer and the seller. You must do the search process to verify that there are no obstacles that could affect the sale.

Among the problems that may arise are: pending mortgage payments, zoning problems, etc.

Exchange of funds

All parties can receive the necessary payments within the closing process period.

Get the keys

The last part of the process of closing a home is obtaining the keys. Right now, this is a difficult process due to physical distancing. You can ask your agent for advice on how your closing process will be.

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