The real estate industry has been experiencing significant
A new law to remove the final restrictions on real estate transactions has been passed by the PA house and the law should be voted on by the PA senate and hopefully signed by the governor by around May 15.
Several laws have already been passed that will facilitate real estate transactions … for instance …
- There are basically no restrictions on any purchase where the agreement of sale was signed before March 18. In-person showings, inspections, appraisals, walk-throughs and settlements are allowed.
- Any seller who entered into an agreement of sale before March 18 can also purchase a home after March 18 with no restrictions.
- Title companies and notaries can now notarize documents using electronic/remote technology so buyers and sellers can remain at home to complete a settlement
- Mortgage companies are either waving appraisals or allowing drive-by appraisals in most cases.
If the new law is passed in a couple weeks everyone will be allowed to legally have in-person showings, inspections, appraisals, walk-throughs and settlements. In-person open houses will still not be allowed.
After the law is passed everyone will still be encouraged to take precautions by using masks and gloves and to stay at least 6 feet apart but once the new law is passed the real estate activity is expected to pick up significantly. Interestingly in the 3 suburban counties 1,180 homes went under agreement since the “lock-down” law was enacted and there was 1,360 new listings during the same period.