It's Not Business As usual, But We're Open To Get Your Transactions Closed On Time
As an essential service, Main Street Law LLP remains OPEN BY APPOINTMENT ONLY. We are restricting on site meetings to only those that cannot effectively be done remotely, and so far we have managed to close all the real estate transactions that we have been sent. However, we do note that regrettably there have been a few transactions already where the buyer or seller has refused to close even though closing was possible from our perspective.
You may not be aware that Main Street Law LLP is a leading edge firm when it comes to the implementation and use of technology. In early March, we responded quickly to the COVID 19 Pandemic concerns and set up the majority of our lawyers and staff to work effectively remotely. Today, about 90% of our staff and lawyers have the ability to work remotely and we are doing so effectively.
Also, Main Street Law LLP has been doing leading edge working on the beta testing project with the Land Title’s Office for their new digital registration system. To date, in the entire Province of Alberta, Main Street Law LLP has completed about ½ of all such digital registrations during this Beta Project . In the years to come, this digital registration system will become the backbone of the Registration process for all lawyers in Alberta.
Recently the Law Society and Land Titles Office announced changes to their protocols that will allow us to complete documents by Teleconferencing with Buyers and Sellers. We still will require Original Documents to come back to our office, but we do not need to meet in the same room with Buyers and Sellers to get their transactions completed.
Despite the tremendous abilities and technologies Main Street Law LLP utilizes, we are still experiencing issues with Lenders, Insurers, other Law Firms, etc., that are causing delays or other closing issues. Some transactions are failing to close as the “Domino Effect” of a transaction two or three steps back is impacting the flow of financing needed to complete several transactions. We are offering our clients creative solutions where possible to keep the transactions moving forward to closing, even if the first contemplated closing date is not achievable, for whatever reason.
To allow us the best opportunity of closing ON TIME ™ for your clients, or at least ON TIME ™ for a revised closing date, we recommend at this time two important points. The first is to give the system some time between condition waiver and closing. We are recommending three weeks. Second, we recommend using a Pandemic Clause in your contracts. Please contact any of our Real Estate Lawyers for a version of this Pandemic Clause if you like.
In closing, know that we are committed to closing your clients transactions ON TIME ™, as we have always been. If any of our Real Estate Lawyers may assist you with one of your transactions, please contact us directly for your no cost and no obligation phone consultation.
We look forward to working with you to close your transaction ON TIME ™ in these challenging times.