LEGAL TIPS TO CLOSINGS DURING COVID-19 - THE SMART MOVE SEMINAR TAKEAWAYS

Every Quarter I hold The Smart Move Seminar updating NewYorkers on the state of the real estate market and economic affecting property values. This April, I felt it especially important to put myself at the forefront of everyone’s uncertainty and reveal predictions from history that would get us past the Coronavirus Pandemic.

For those of you who missed the Smart Move Seminar April 9th, I’ve outlined Attorney Poppy Markou and Attorney Jamie Heiberger’s important insight on closing properties during this uncertain time.

*This is not legal advice. Please retain an attorney to discuss how these changes can apply to your unique circumstances.

Closings have been happening Virtually, through Zoom and accompanied by a power of attorney so as to minimize the amount of people in one room .

A rider is an additional clause, document, or slip of paper that adds, alters, amends, or removes the provisions of an associated or attached agreement or contract or a negotiable instrument.

• Creative Rider Protections are all unique to these circumstances we’re facing.

  • NYSAR Covid-19 Rider  - Postponing closing without penalties

  • Inspection Riders

  • Options. to cancel contracts if development is not move in ready by a certain time.

  • Rent to Own - popular with developments such as 1399 Park Ave, and 100 Barclays, Teresa can attest to this,

  • Incorporating language to address potential Covid-19 related delays as related to Mortgage commitment deadlines, appraisal appointments/reports, title, closing dates etc.

  • Pricing Amendments in a New Development Offering Plan can occur during these times. If you were in contract before the pandemic, you may be entitled to a further price discount? Only if specified. Consult an attorney or ask me for my insight on recent new dev negotiations.

  • Construction Defects - including protectionary clauses against any construction defects is vital, especially now as delays to constriction have occurred during NYC Pause and Quarantine

• Handling County Clerk Office Closures - When public offices are closed it is practically impossible to record the transfer or ownership. In addition, obtaining records of Title Reports and open permits have also been slowed down. This has lead to title issues with Seller’s/Owner Policy. Having an attorney prepare an Affidavit on behalf of the seller can furthermore protect you.

  • Holding Money In Escrow

    • Post Possession Agreements

      • Seller to maintain fees until possession

    • Helpful where final walk through is not possible 

    • If amenities or certain finishes are not completed at the time of walk through or closing

  • General Covid-19 Contract Addendum or Amendments where parties entered into contract prior to pandemic have now been crafted to adjust to the times and protect both parties.

For more information or to dig deeper into what some of these legal strategies mean for you, please do. not hesitate to contact me or Poppy.

Thank you for all who participated and tuned in!