With the way the world is right now, many people have panicked about their current real estate situations. Many of our clients are wondering if this is the right time to sell or cash out, is it the right time to buy with rates so low, or should we put life on pause until we get a better idea of the future? Should there be a “Covid Clause” in the contract to get around that uncertainty? We’ve been answering questions like this over the past few weeks, so we’ve put together a list of tips to help navigate the buying and selling process at this time:
1. If You’re Not Sure If You Want A Deal
If you have uncertainty about going forward with buying or selling right now, we always recommend talking to your trusted tribe of real estate advisors, lawyers, accountants, and financial advisors. Talking to a professional ensures you get the best advice for your circumstances based not only on your finances but also on your risk tolerance (can you sleep at night?).
2. If You Have A Deal, Get Started ASAP
Our team has found that the more notice we have, the more likely your transaction will go through smoothly and on time. As soon as you know you will have a deal going through, no matter how far in advance—contact us right away. With reduced business hours at banks, fewer staff around the office, and longer lines with social distancing, things have been taking a little longer than we’d all like—but that just gives us more opportunity to work on the details.
Having a head start on the purchasing and selling process can ensure we get all the fiddly bits taken care of far in advance. That means fewer last minute bank runs and panicked phone calls. We want the process to be easy and painless for our clients. We are grateful to our team, our community, and clients for helping us stay on top of things and being understanding of delays. We continue to work have deals go through on time.
3. Head Start Your Mortgage
If you are planning on doing a purchase or refinance, it’s important to get started on your mortgage as soon as possible. In the heat of C-19, banks are swamped and processing has been taking longer than usual. Our team has been handling a lot of last minute and rush mortgages, and with little notice it’s possible closing dates may be delayed. But many are taking advantage of low rates, but just leave lots of time to get it done.
4. Let Us Know Your Concerns
We have been getting a lot of questions from clients and our community about how we are going forward in the current times. Right now, we are working normally, just mostly virtually. We are arranging video conferences in place of in-person meetings and limiting signing appointments to just a few moments outside our building. Special arrangements can be made for our lawyers to meet you outside your home (or wherever is convenient). We will be happy to meet you where you need us to—with sanitized clipboards and pens for everyone in tow! There are understandable concerns about any sort of in-person meetings at this time, so we are happy to accommodate.
Please don’t hesitate to contact us with any questions you may have. As far as we are concerned, it is business as usual. The only other considerations are the current housing market, which we can only assume will be affected the longer people are out of the workforce. No matter your real estate plans, we wish you health and happiness during these uncertain times!
Servicing clients throughout the Greater Vancouver Region, the Paperclip Law team is happy to help answer any legal questions pertaining to real estate, corporate law, or wills and estates. Contact us today to learn how we can be of assistance.
