Real estate closings during COVID-19
Living through a pandemic is hard and leaves a lot of questions out in the open. I know one question that has run through my head is, “can I still purchase a home during this time?”
If you are like me, then I have some good news to share! In the DMV area, the real estate industry is adapting to the needs of the customers amid a world where social distancing has become the new normal.
There have been closing options in place for years that have not required buyers or sellers to have to come to offices for closings. However, there was a high a demand for them until now. In the age of iPhones, drones and hyperloops (Tesla, I am pointing at you), we are more equipped to adapt to social changes without it affecting our daily lives too much.
Now, for the important part, what about title companies?
To legally close the buying or selling of a home, you need a title company. Title companies are a third party whose sole purpose is to review title, issue insurance policies, facilitate the closings, and file and record all paperwork.
Federal Title has always advocated for technology to streamline and simplify the closing process. We already have the tools in place to conduct a secure and remote closing experience that satisfies lending requirements from a safe social distance. We will continuously work with you to ensure your safety and adhere to the social distancing guidelines.
Please note that banks do require certain documents to have wet-ink signatures to avoid fraud concerns and ensure the notes can be sold on the secondary market. Therefore, some documents may need to be signed in the presence of a notary.
We are offering three closing options that allow all parties to maintain a safe distance, which includes Remote Online Notarization, mobile notary and Power of Attorney.
Know that your safety is of our utmost concern, and Federal Title has your transaction handled!