The Real Estate Board of New York (REBNY) recognizes that a halt to apartment sales throughout New York would create tremendous hardship at an already economically precarious time, and has thus introduced a set of new practices to facilitate remote real estate transactions. Board packages can now be distributed electronically, and board interviews can take place via FaceTime, Skype, or Zoom. Moreover, escrow closings and virtual closings mean that all parties involved in a sale do not have to physically attend a closing, but can use electronic means to sign documents and exchange funds. Early in the COVID-19 crisis, Governor Andrew M. Cuomo released an executive order allowing virtual notarization of documents, which considerably smoothed the path for virtual closings.
“We saw this as an opportunity to be creative and streamline the traditional process of residential closings.” -Josh Schuster, Managing Principal of Silverback Development
“We saw this as an opportunity to be creative and streamline the traditional process of residential closings.” -Josh Schuster