Page 13 - Boca Club News - April '20

Boca Club News, Page 13
Legal

Legal: COVID-19 Affects Real Estate Market

By Michael J Posner, Esq., a partner trillion-dollar infusion by the federal government, the stock remote closing from any location, including overseas (for
in Ward, Damon, Posner, Pheterson market has dropped dramatically, losing nearly one-third United States citizens). A seller or buyer/borrower will be
& Bleau, P.L. a mid-sized real estate of its value since record highs on February 12th. This has given an email link to log into a special website to conduct
and business-oriented law firm caused the yield on treasury bills to also fall dramatically, the closing.
serving all of South Florida, with falling nearly one percent in one month. The 10-year treasury A common setup will have a text messaging window and
three offices in Palm Beach County. yield, the rate most correlated with mortgages, has fallen instructions on the left, documents to sign in the middle,
They specialize in real estate law from 1.5% in mid-February to below one percent on March and three video windows on the right. Once logged in, the
and can assist sellers and purchaser 21st. consumer will see themselves in a video window, along with
remotely with closing and financing This has led to a drop in home mortgage rates, perhaps the notary public and the closing agent. The user will hold-
of residential and commercial real estate. They can be the one silver lining in this otherwise catastrophic problem. up two IDs for the notary to review, and once confirmed as
reached at 561.594.1452 or at mjposner@warddamon.com Thirty-year fixed rates have remained low, dropping from valid the consumer will use a special application on the cell
By the time this is published, I suspect the Coronavirus five percent in late 2018 to three and three quarters to start phone to upload pictures of the IDs for further verification.
will be much further along, its effects growing with each 2020. Rates dipped as low as to three and one quarter (a Once verified, a set of common, consumer credit derived
passing day. As a result of the virus, the Florida real estate record all-time low) on March 5th amid worsening virus multiple choice questions will further verify identity, such
market has been turned upside down, in both negative and news, but have now increased to mid- to high threes in as: “What street did you live on in 1995?” and “What color
positive ways. response to the large number of loan applications inundating car do you own?”
2019 ended with Florida single-family home sales up lenders. Once identity is verified, the closing agent will direct the
nearly six percent, with townhomes and condos mostly flat. Once the backlog lessens, and assuming the commitment consumer to read and sign the documents on screen using his
South Florida had a more modest two percent growth rate to buy mortgage backed securities by the Federal Reserve or her choice of simulated signatures and initials. As each
for single-family homes, but townhomes and condos fell by continues (started at 200 billion and could go over one document is signed, the notary will notarize where needed,
nearly two percent over 2018. Prices continued to climb, trillion), rates will likely again fall, with some predicting and for documents requiring witnesses, such as deeds, both
with the average single-family home selling for $360,000. rates at or below three percent by June 2020. If you are the notary and the closing agent will sign as witnesses to
2020 started with a bang, with single-family home sales currently paying over four percent on your home mortgage, the document. Once all closing documents are signed, the
through February 2020 up thirteen percent and townhomes you should watch these rates carefully and be prepared to consumer can either download a copy or wait for an emailed
and condos up twelve and one-half percent. Nationally, new lock in timely. On a typical $300,000 loan, a one percent copy. The closing agent will take the documents that have to
home sales jumped nearly eight percent, to a seasonally drop in interest will save over $2,000 the first year. be recorded, such as mortgages and deeds, and electronically
adjusted annual rate of 764,000 units last February, the Closing on these new loans, as well as existing home sales, submit them to the Clerk of the Circuit Court using an e-filing
highest level since July 2007. has become a challenge for attorneys and title companies program to official record the document
Then the virus hit, dramatically changing the real estate due to all the movement restrictions. However, a new law So now a sequestered seller in California can sell and
landscape. Reaction in the financial sector was swift. At the that went into effect on January 1st is providing some relief a vacationing buyer/borrower stuck in Italy can buy and
beginning of March, the Federal Reserve cut interest rates for those still willing to close on sales and refinances. The close on the loan as if they had flown in and closed at the
by one-half percent, then two weeks later another rate cut to law now allows for remote online notarization of legal closing agent’s office. With low rates and remote closings,
make the borrowing rate from the Federal Reserve essentially documents, including affidavits, deeds and mortgages. the devastation to the real estate industry from the virus will
zero percent. The goal was to make money cheaper and Using a computer equipped with a webcam, two forms of be partially blunted, but make no mistake, it will hurt sales
protect the economy from falling into recession. photo identification, and a cellphone that can take pictures dramatically and may take months or the rest of the year to
Despite these moves, and now a promise of an over one and upload the images, will be what is needed to conduct a recover.
Humor

These Laughs Are On Me!

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