HOW HAS THE PANDEMIC CHANGED REAL ESTATE LAW

Many of us are happy to put the year of 2020 behind us and are looking forward to a better new year. It is important to note however, that Real Estate is one of the few industries that prospered during the pandemic and saw many positive developments. While the pandemic provided all sorts of hardships in relation to closing real estate deeds safely, law firms were able to adapt quickly in signing clients up for virtual calls, exchanging closing documents electronically, transferring money digitally, and signing documents electronically in respects to minimizing the contact between clients and the firm. 

Not many realize but there was a brief period during the beginning of the pandemic, where the Province of Ontario was considering putting a halt to the real estate industry. Essentially meaning there could be no further sales or purchase agreements that could be completed or even registered until the end of the pandemic. However, we were able to prevent this partly due to safety measures taken by the real estate industry, the Law Society of Ontario and individual law firms in order to ensure that properties could still be sold and purchased safely with minimal client interaction. 

 

Digital Interactions

The beginning of the pandemic also led to innovations in the digital industry and how practices of real estate law can be carried out digitally with minimal client contact. Initially clients were always required to come into the firms to sign legal documents whereas now we have switched to more electronic signing methods. We know that everyone has a busy schedule and that is why we strive to provide you with the most efficient method possible. Even when the pandemic ends, these processes will most likely be kept in place in order to make the practice of real estate law more efficient and the use of technology effective. 

 

Buying or Selling During the Pandemic 

As many of you know the pandemic has made it difficult for some to pay their rent on time but some tenants have wrongfully taken advantage of this. It was always difficult to evict a tenant even before the pandemic and the effects of the pandemic made it even more difficult. In some cases tenants have demanded compensation of a year’s rent in order to leave the property even when the landowner has properly provided the eviction notice. 

Moreover, selling or purchasing a property may cause some worries during a time where you do not want any unnecessary contact with or in the home’s of others, increasing the importance of safety measures and sanitization methods. 

 

Working Together 

During the course of the past year, our team has encountered many difficult closings of real estate deals. These deals entail difficulties in relation to needing extensions for mortgage issues, resolving title search problems or assistant with typical damages on the final walkthrough by the buyer. However, the whole real estate team working together has been able to resolve these problems amicably. 

 

If you have any questions about residential or commercial property in Ontario, please do not hesitate to contact our office TODAY so we can aid you in the process. Continue to stay safe during these difficult times and we’ll get through this TOGETHER.