While New York State may have declared certain real estate work to be
essential, agents have nevertheless been forced to get creative to move forward and complete various aspects of the home search/buying process to keep all parties safe and the outbreak at bay.
New condos throughout the city have incorporated personalized video tours into their marketing plans, but what happens when a buyer has already submitted an accepted offer and is ready to seal the deal in this new environment?
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.