Skip to Content

What Stay-at-Home orders mean for the real estate business

Remaining Ad Time Ad - 00:00

DULUTH, MN -- Despite numerous cases of COVID-19 popping up around the Northland, the housing market has been steady says President of the Lake Superior Area Realtors organization, Doug Kman.

"The market has still been moving," says Kman.

With Minnesota Governor Tim Walz's new stay at home order set to take place, Kman says the exact impact is unclear but he hopes the real estate business won't be affected at all.

"The use of technology is already widespread in the real estate industry," says Kman.

He says realtors are already used to working remotely.

"Electronic signing of contracts, electronic notarizations, virtual tours of homes and remote meeting software has lent to our ability to conduct near all aspects of our transactions remotely," says Kman.

Under Walz's new Stay at Home Order, pending real estate transactions are still included as a critical sector exemption and will be able to continue.

Minnesota also rolled out a COVID-19 addendum, which is an amendment to the purchase agreement to help realtors and clients in creating an extension of purchase agreement deadlines.

"If a buyer, for example, loses their job and is unemployed they would no longer be able to obtain their financing so there are financing contingencies, a lot of different aspects of contracts that would be used appropriately in a circumstance like that," says Kman.

Walz's stay at home order begins at 11:59 Friday night and runs through April 10.

Lyanne Valdez

Skip to content