Real Estate Term of Reopening

Due to the implementation of lockdown in this covid-19 situation, a lot of businesses have accounted a backlash in their sales figures. The steepest contraction in more than 8 decades of the US economy has been recovered due to the covid-19 pandemic. This a few important and revenue generating business sectors had to be opened for both the government and public to meet their financial obligations. One of them is real estate. Real estate can be opened as long as strict obedience to the terms and safety regulations against this CIVID-19 pandemic is guaranteed.

The governer of the state of Michigan has declared that both in person showing and open houses and allowed but before this a contract or a form has to be filled by the company or broker saying that the company and the buyer both will comply to the safety regulations implements on them. Then a certificate by the state of Michigan will be given to them permitting them to conduct their business by in person showing or open-houses. If in any case, the regulations are not met then the license of the company or broker shall be in danger and the buyer will also be accounted for not complying to the regulations.

Recommended practices:

  • 6 foot Social distance has to be maintained at all times.
  • Buyers that are going to attend showings/visits are recommended to meet their agents at the property and while the agent is coming, wait in the car
  • Unnecessary personals are not allowed even if they are with the buyer. The showing certificate and release has to be signed by everybody attending the showing.
  • The time which is physically spent at the house should be minimum
  • Gloves and masks are need to be worn by buyers while the house is being viewed. User of hand sanitizer upon arrival and exiting the property is recommended.
  • No surface should be touched. Turning off the lights or closing of doors is prohibited. Any type of sharing is prohibited while attending the show.
  • The showings or visits are to be made in the selected time and no business is to be conducted after the selected time.

The guidelines are same for the construction sites but construction sites are to be examined more strictly as there are a lot of materials involved which can increase the spread of the virus.

Commercial real estate plays an important role in the economy. Business and household paid rents support the job is millions of consumers who, in turn, then support the business that are located near the commercial real estate. It has to be made clear that the rolling reopening is in many phases. The phases are also to check whether the dealers and buyers will follow the rules or not. If the guidelines are not being followed then there won’t be any other phase. This is a global pandemic and the only way to survive this is by spreading awareness. Public plays an important role in both the economy and the fight against this virus. Together we can survive this crisis.

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