Dearest Clients, Colleagues, and Service Partners:
As you are likely aware, Governor Pritzker yesterday issued an Executive Order in response to the challenges we are all facing regarding COVID-19. In an attempt to reduce the spread of the virus, this Order has limited the mobility of Illinois residents to “essential activities” which are clearly defined within the Order (available here: Executive Order 2020 10).
Fortunately, for the time being, the closing of a real estate transaction falls within the definitions of an “essential activity,” and banks, title companies, real estate professionals, and attorneys are allowed and encouraged to remain in business and operational. What this means, is that we will still have the pleasure and privilege to work with you all on your pending and upcoming transactions within our firm, and we fully intend for them to close as planned. However, it is also important to note that the Order does mandate all individuals and businesses who are still operating to do so in a way that contributes to the efforts to minimize the spread of this virus from person to person. As such, there will be some changes to our standard operating procedures in the weeks and months to come. These changes will allow us to still provide the level of service you have come to know and expect, while also complying with the limitations of the Order, for the greater good.
General Highlights:
Buy-side Transaction Highlights:
Sale-side Transaction Highlights:
Now more than ever, we appreciate you trusting us with your very important transaction. We look forward to continuing to work with you toward a successful closing, and the brighter future that is to come when these current challenges are behind us all. Be well!
As you are likely aware, Governor Pritzker yesterday issued an Executive Order in response to the challenges we are all facing regarding COVID-19. In an attempt to reduce the spread of the virus, this Order has limited the mobility of Illinois residents to “essential activities” which are clearly defined within the Order (available here: Executive Order 2020 10).
Fortunately, for the time being, the closing of a real estate transaction falls within the definitions of an “essential activity,” and banks, title companies, real estate professionals, and attorneys are allowed and encouraged to remain in business and operational. What this means, is that we will still have the pleasure and privilege to work with you all on your pending and upcoming transactions within our firm, and we fully intend for them to close as planned. However, it is also important to note that the Order does mandate all individuals and businesses who are still operating to do so in a way that contributes to the efforts to minimize the spread of this virus from person to person. As such, there will be some changes to our standard operating procedures in the weeks and months to come. These changes will allow us to still provide the level of service you have come to know and expect, while also complying with the limitations of the Order, for the greater good.
General Highlights:
- Our physical offices will be closed, beginning Monday, March 23rd, and will reopen on Wednesday, April 8th, pursuant to the current timetable set forth in the Order. However, due to the technologies we have implemented within the office, our staff is fully accessible and equipped to work from home and will continue to focus diligently on your matters. As the majority of our interactions with you all are via email and phone, we expect you to experience no disruption in your access to us moving forward. We will still be collecting mail and packages at both locations during this time.
- Title companies are the facilitators of every real estate closing. Each title company is somewhat different, and each will be reacting and operating in this new climate differently. We will be in communication with the title company on each of our transactions to determine options for conducting signings and closings, and will be in touch with each of you individually on those options, when the time comes to do so. This will likely be around the time that we are set to schedule the closing, close to the actual projected closing date.
- Title companies are highly encouraging only the parties who must be present in a closing to attend (essentially, purchasers who are signing loan documents – more info on this below). Realtors, please do not plan to attend closing, and please arrange for delivery of keys to Buyers after closing. Also, please let us know the address you would like your commission check to be sent to, and we will have it overnighted.
- There will likely be delays. Each real estate transaction is a unique undertaking, with a myriad of variables at play. In this uncertain time, many municipalities, property managers, county offices, and third party companies providing services for real estate transactions are either fully closed, or operations have been drastically diminished. This will result in some delays, and also the need for some creative solutions to overcome these unexpected hurdles. We are evaluating each of your transactions individually, and promise to stay ahead of these variables as they continue to change to ensure that you have the best chance to close as soon as possible, with as little compromise to you as possible. Again, when the need arises to inform you of these variables, we will be in touch and will advise you.
- We plan to address issues relating to COVID-19 and how it will affect your transaction on a matter-by-matter basis. As mentioned above, we are committed to remaining educated on the latest developments and how they will relate to our industry, and will also continue to keep you updated on your specific transaction when the time is appropriate. We will also do our best to address your individual concerns, and appreciate your patience in the interim.
Buy-side Transaction Highlights:
- If you are purchasing a property with cash (no financing), your closing can be conducted remotely with no need for a visit to the title company, and no need for a mobile notary appointment. You can simply wire your funds into the title company no later than the day before closing, and we will walk you through your closing figures and documents, each of which can be signed and returned via email to the title company.
- If you are purchasing a property with the use of financing, you will be required to sign at least a handful of documents (Note, Mortgage, Closing Disclosure, etc.) that will need to be signed and notarized, with originals provided to the title company for funding to occur. In response to the Governor’s Order, title companies are each offering differing options to Buyers that range from “curbside closings,” where documents can be brought out to your car to sign and return, to mobile notary appointments set up to occur at a location near you, to private closing rooms within the title company that will limit your access to others as you sign those needed documents. In a Buy-side transaction, the Seller chooses the title company (through their attorney), so we are working within the options provided by that specific title company. After the closing is scheduled, we will relay your options to you and coordinate accordingly.
- Prior to your signing, one of our firm attorneys will be dedicated to conduct your closing. The attorney will have reviewed all documents pertinent to your transaction, including the Settlement Statement (figures), Loan Package, Conveyance Documents, and Title Company Documents. At your signing, the attorney will call into you to explain the key details of your closing package, and will remain available remotely to you for the duration of the closing to address any questions/concerns that may arise.
Sale-side Transaction Highlights:
- There is no need or expectation for you to attend the closing.
- Prior to the closing, you will receive a packet of documents via email, with detailed instructions on how to sign and complete the documents and return them to us. The packet will include a FedEx shipping label for return to our office. Several of the documents will require notarization – if having the documents notarized on your own is a challenge for you, we can arrange for a mobile notary appointment for you at an additional fee that will be collected through the closing.
- Upon completion of the closing, your funds will be wired directly to your bank account, and you should expect to receive them on the same day, or the next business day at latest.
Now more than ever, we appreciate you trusting us with your very important transaction. We look forward to continuing to work with you toward a successful closing, and the brighter future that is to come when these current challenges are behind us all. Be well!
