Health authorities have provided important guidance to help contain the spread of the COVID-19 virus, directing that people minimize opportunities for transmission of the virus through direct physical interaction.
Conventional open houses, which involve in-person viewing of the property and direct physical interaction with salespeople and other prospective buyers, are the types of activity health authorities are directing be ceased.
As realtors we are following the direction of health officials by declining to facilitate or participating in open houses, and by limiting showings to where they are absolutely necessary. We are embracing a variety of technology tools, including virtual tours, facetime walk-throughs, zoom meetings, electronic signatures and inserting clauses to help in real estate transaction.
TREB Notice: Sample real estate clause during the Covid-19 Alert:
The Buyer shall pay the balance of the purchase price, subject to the usual adjustments by wire transfer.
The parties acknowledge and agree that all closing documentation can be signed electronically and forwarded by email or fax in accordance with the Electronic Commerce Act, 2000, S.O.2000,c.17
The parties agree that the keys to the property shall be left in a lock box at the property and the code to the same is to be provided to the Buyer’s lawyer in escrow pending closing of this transaction.
The parties herein acknowledge and agree that they are required to close this transaction notwithstanding any impacts of COVID-19, save and except the closing of the Land Registry Office(s) and all financial institutions. In the event the closing cannot occur due to a shutdown/disruption of the Land Registry System and/or banking system, then the closing date shall be automatically extended to the fifth (5th) business day following the date upon which said systems have returned to operational status and can clear funds accordingly.