Real Estate Closing During COVID-19
By Soo Yeon Lee, Esq.
Even before the COVID-19 crisis, remote closings were not uncommon. However, the COVID-19 crisis prompted further drastic change to ensure that we do business as ususal. Most notably, Governor J.B. Pritzker issued an Executive Order on March 26, 2020, modifying the state notarization requirements by allowing the use of two way audio-video communication technology. This means that buyers and sellers and their attorneys now have the ability to sign and notarize documents without the need for physical contact.
Title companies also provide curbside closing (where people stay in the car and complete their transaction) services.
There are certainly many contingencies that remain during this time. The COVID-19 Addendum providing for "COVID-19 Extension" reflects just that. See https://chicagorealtor.com/wp-content/uploads/CAR-COVID-19.pdf. However, all participants to a real estate transaction - buyers, sellers, real estate agents, lenders, attorneys and title companies - are all working hard and creatively for a successful closing.
If you are buying or selling a real estate, good luck!