How is covid-19 affecting real estate? Is the coronavirus keeping escrows from closing? How will the coronavirus affect real estate? In this video, I discuss corona virus (covid 19) and its current effect on our california real estate market.
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What is the coronavirus?
Coronaviruses are a large family of viruses that are common in people and many different species of animals, including camels, cattle, cats, and bats. Coronavirus disease 2019 (abbreviated “COVID-19”) is a respiratory disease that was first detected in China and has now spread to over 70 locations including the United States of America.
Can you close escrow with the coronavirus?
Yes, currently you are able to still fund and record on real estate transactions here in California as Title and Escrow companies are still open. While the county recorders office isn’t open, they are still allowing recordings to happen electronically.
I expect that this will continue to be the case unless there are mandatory shut downs in California which could change the process.
Coronavirus Addendum / Coronavirus Amendment
The recent events surrounding the spread of the Covid-19 strain of the coronavirus has led to many questions about the continued enforceability of real estate contracts under the circumstances. Rather than risk an uncertain outcome in court or arbitration over such disputes, Buyers and Sellers may elect to address the unanswered issues contractually. This form created by the California Association of Realtors allows parties to agree on a way forward for existing contracts and address potential issues in contracts that have not yet been formed.
Do you have questions about the current real estate market or how coronavirus is impacting us, feel free to comment below or contact me directly.
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