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Will My Home Close on Time?

Posted by buildsbythebay on April 4, 2020
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I have several concerned clients wondering if their home will close on time during this pandemic. The landscape of residential real estate has changed several times over the past 2 weeks. If you purchased a resale home, the real estate transaction has been deemed an essential service and your home should close*. This does not mean business as usual…far from it.

The Covid19 pandemic has shifted real estate protocols into place that now protect the health and safety of everyone involved in the real estate transaction. We are now holding virtual final walk through visits. You cannot be within 2 metres of your lawyer or mortgage broker while signing off on the purchase or sale of a property. All required paperwork is now sent via secured electronic document programs. All of these covid19 protocols have been an easy adjustment for most Real Estate agents, except for one. The lack of contact. Not being able to hug a hardy congratulations in person is the hardest part of this Covid19 Pandemic.

Moving over to my clients who purchased a new construction build home are legitimately concerned about their closing dates. As of midnight Saturday April 4, 2020 the Ontario Government will halt any new construction home projects. Your builder will be sending out delay closing notices soon, if you haven’t already received one.

New starts in residential projects will stop, while residential construction that is near completion will continue. Having said that: if a new home is in the midst of construction at this time, it is very possible that the pandemic will cause delays in the delivery of the home. To read more about the steps your builder will be taking follow the Covid19 Tarion advisory link

*These are unprecedented times and while delayed closings can happen outside of Covid19 we are not referencing those at this time. Please take this time to connect with your Real Estate Agent and your builder so you can understand what is going on. There are procedures put in place that will take time to navigate. Not one of us has been through this before, and touch wood we never will again. Be safe, be healthy and look out for each other.

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