How has COVID-19 changed the closing of real estate transactions?

Legal Moment on FM96


[phone ringing]
Receptionist: Cohen Highley
Announcer: And now the Cohen Highley Legal Moment on FM96.
Announcer: I’m with Megan Jenner from Cohen highly Lawyers.  How has COVID-19 changed the closing of real estate transactions?
Megan Jenner Before COVID-19 homebuyers would come into the firm a couple of times to sign documents, provide purchase funds, and later to pick up the keys to their new home.
Announcer: And now?
Megan Jenner Now most of our transactions are handled entirely online through a remote signing process.  Buyers and sellers email us copies of their ID and we send them our documents by email.  We arrange a video chat where we verify their identity, review their documents together, and have them signed with digital signatures. Not only is that safer during the pandemic, most people find it easier and more convenient than making trips into the law firm.
Announcer: How do the home keys actually get transferred?
Megan Jenner Each situation varies, but often the realtors have helped to exchange the keys and will release them to the buyer once the deal has closed.
Announcer: Thanks Megan. This has been the Cohen Highley Legal Moment.
Singers: Cohen Highley, we’re listening.

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