the wasserblawg

CLOSING TRENDS - What We Lack in Volume, We are Making Up for with Success by Michael H. Wasserman Our April stay-at-home order ends tonight, and the May stay-at-home-order starts at midnight. The sequester is dead. Long live the sequester. Here’s what you need to know about the closing real estate contracts in Chicago right now. Contract Activity: We are still open for business and taking in some new really solid purchase and sale transactions (more on that in a moment). But, as is the case for most of the colleagues I talk to, the numbers fall far below seasonally appropriate levels. I don’t want to say that its slow, but birds are building nests on our office printers. (They outgrew their perches on the typewriter and fax). I’m the new Maytag repairman. Our numbers are not statistically significant right now, but some intel is available on Gary Lucido’s blog and at CribChatter . Both are on my regular reading list. Good stuff.

by Michael H. Wasserman We are now four full weeks into the Illinois Stay-at-Home regimen. Hopefully, the last of winter’s snowfalls are finally behind us. I’m not bike-commuting on the lakefront these days, but the firm is still actively engaged in real estate transactions. Here is our take on the current real estate closing landscape and where we think it is heading. The good news is that (some) buyers are still buying. (Some) sellers are still selling. Lenders are still lending out (some) money, and Realtors are still out in the neighborhoods putting contracts together. The firm is still closing clients’ contracts.

OFFER ACCEPTED? NOW WHAT? by Michael H. Wasserman The two-bedroom, Lakeview condo seemed huge when Meg and Cary first moved in as newlyweds 10 years ago. That was two dogs and two daughters ago. Before the stay-at-home order. Before COVID-19. The small house movement may be “a thing,” but Meg and Cary are living proof that small houses are not all that they are cracked up to be. Especially now that they have all been cooped up together for the last three weeks. Every useable surface is covered by school projects, team equipment, pet toys, and kid toys. Meg laughs to herself nervously. “I guess everyone’s home must feel small by now but there just isn’t enough space here. Is this a dining room or a “school?” Is Cary working in the living room or his office? Am I sleeping in my bedroom or my office”? The is once spacious home is getting smaller and smaller by the hour. Hopefully, Jan will call soon. It’s Monday afternoon and Meg has been trying all day not to think about it...

UPDATE: ILLINOIS REMOTE ONLINE NOTARIZATION? NOT SO FAST! by Michael H. Wasserman A follow up on last Friday’s posting. This is going to be a bit of a bummer. Just because RON is legal does not mean that we will be able to use it . For all the State’s efforts to minimize public health risks associated in-person document signings, title companies and mortgage lenders just are not yet willing or able to accept Illinois RON signings. For the time being, we will still need buyers to sign loan documents in the actual physical presence of notaries.

REMOTE ONLINE NOTARIZATION APPROVED FOR ILLINOIS By Michael H. Wasserman With the stroke of his pen, Governor Prtizker eased one of the biggest logistical challenges for client real estate closings since the COVID-19 emergency was declared nearly three weeks ago.   Executive Order 12 allows for remote online notarization. My firm is prepared and ready to utilize this tool now. (Technology, for the win!) Deeds, mortgages and many other documents used in real estate closings must be witnessed by an Illinois licensed notary . The ink-signed, original document has always been—and will continue to be—required for real estate closings. This poses a great difficulty: The notary and signer have to be in the same place, at the same time for the notary’s attestation to be valid. Shelter-in-place rules, best health-safety practices and overall concern of spreading COVID-19 make that unacceptable to many, undesirable to all, and impossible for some. Law firms and title companies h...

COVID-19 Home Closing Outlook – Week of March 23rd, 2020 By Michael H. Wasserman Need some not-so bad news? Real estate closings will continue for the foreseeable future. Governor Pritzker's  shelter-in-place order designates lenders, title companies, and lawyers all “essential.” This means my firm and I remain available and at the ready assist with real estate purchases and sales. We are working closely with title companies and colleagues to implement and execute safety protocols so that we can all minimize contact among the many, many hands that touch each transaction. The title industry has been quick to urge reducing number of people in their facilities, disinfecting offices, providing hand sanitizer, fresh pens and encouraging as much remote work as possible. We support and appreciate their efforts (and provide our own pens to clients too). Do you have a closing coming up? Here are our latest guidelines: