LLP, has been spending a good chunk of his time helping owners navigate the complexities of selling a unit during the coronavirus pandemic.Mr. Weisleder says real estate industry mavens nimbly regained their footing following the Toronto-area’s first lockdown in the spring. They adapted to pandemic rules and sales came roaring back. With the city and some nearby areas now back under lockdown, sales continue, but buyers and sellers continue to run into stumbling blocks.
When it comes to selling investment properties, Mr. Weisleder is now advising clients to wait until the unit is vacant before they put it up for sale. Real estate agents have adopted new measures to make showings safe, he says, and many require the prospective buyer to sign a form declaring that they don’t have any symptoms of COVID-19 and they haven’t recently travelled, for example.
Mr. Weisleder says many such snags can be avoided if owners work with tenants before they even call in the real estate agent. A seller can have a vacant unit staged to show it at its best, and a buyer can take possession on time.Some of the lawyer’s recent clients are buyers who are laying the groundwork to compete for a condo apartment.
On occasion, the lawyer is hearing from buyers who fear they overpaid. Typically, a buyer who prevails in a bidding war will have 24 hours to provide the deposit they promised. “I would send a letter saying, ‘you’re in breach; if we put the property back on the market, and if we suffer a loss, we’re going to come after you’.”Lisa Patel, president of the Toronto Regional Real Estate Board, says polling undertaken before the pandemic had already pointed to an increase in investors selling their condo units in 2020.