Buying or selling real estate during COVID-19 raises a number of questions. Below, are frequently asked questions from buyers and sellers navigating the real estate market during these unprecedented times.
Are Electronic signatures or e-signatures just as binding as signing in person with pen and paper??
Yes. Electronic signatures or e-signatures have been permitted in real estate transactions since July 2015 (Electronic Commerce Act, S.O.2000). Documents signed electronically and those signed with a pen are equally binding.
Are open houses prohibited in regions under the shutdown and stay-at-home orders?
YES! Open houses are prohibited but property showings are allowed and can proceed by appointment only. The LHF Team limits the appointments to 2 people plus the agent and all PPE must be worn to make sure everyone stays safe.
Why is real estate considered an essential service?
Real estate has been declared an essential service because people need somewhere to live. In other words, this provincial government's decision was made to make sure that deals that have happened in the past, but have not closed, move forward and those who have sold but not yet bought won't be left without a home.
Should we buy a home now, or wait??
With interest rates at historic lows, if you are able to buy and hold a home for the medium to long term, this might be a good time to buy. If you have done the math and are confident about your financial ability to carry a new home, this is the perfect opportunity to take advantage of low interest rates.
Working with a real estate agent you trust is one way to cut through the noise and understand how far your dollar will go. A good real estate agent acts as a trusted expert who can provide you with the information that is most relevant to your purchase decision, so you can make an informed choice that you are comfortable with now and in the future.
Once you’ve carefully weighed your needs against your financial situation, and have considered the real estate market in your area, take the plunge if you’re confident that everything lines up. If you can buy and hold for the long term, there are some great opportunities out there.