Will I be able to close on my property with the pandemic causing businesses to close?
The short answer is Yes. Title companies have chosen to remain open as long as banks stay open. However, they ask that only essential parties show up to closing to prevent the spread of germs.
What are the essential parties to a closing?
Sellers
Sellers do NOT need to attend closing. Original signatures are needed on the Deed and Bill of Sale for closing and can be brought by your attorney or overnighted to the title company. A properly executed Power of Attorney will grant your lawyer the authority to execute all other documents on your behalf. If you do not trust your attorney, you can sign documents over email or fax. Your proceeds from the sale can be wired to your bank account.
Cash Buyers
A cash buyer does NOT need to attend closing. All documents can be signed over email, fax, or by giving a Power of Attorney to your lawyer.
Buyers with Mortgage
If you are buying with a mortgage, you DO need to attend closing. A mortgage needs to have original signatures and be notarized. HOWEVER, if you are concerned about being exposed to the virus, it is possible to make arrangements for a mobile notary to come to you the day before closing, execute the original mortgage, and overnight to the title company. The remaining documents can be signed with a Power of Attorney by your lawyer. If you choose this option, it is important you communicate it with your lender, attorney, and title company to be sure the loan package can be made available early. If there are any delays, you will need to attend closing.
Realtors and Lenders
For the time being, Realtors and Lenders should NOT attend closing. We ask that you be available by phone and email if any issues should arise.