Blind Booking: The Real Estate Market in a State of Emergency

Amid the wave of changes brought on by the coronavirus crisis in the housing market, there is a surge in transactions where buyers purchase properties without visiting them in person.

This type of transaction could continue to grow as a result of the ongoing mobility restrictions due to the state of emergency. The buyer profile is quite specific: investor clients or individuals who are familiar with the area and even the building where the property is located.

Regardless of the profile, there is a recurring pattern of behavior: seeking a price reduction or the need to buy in a specific location.

Although various tools and alternatives in the real estate sector have surged during these weeks of confinement to enable viewing a home without physically visiting it (e.g., virtual tours), earnest money or reservation contracts have been amended to include clauses protecting the buyer in case the property does not match the photos and videos or lacks certain features that the buyer expected. The advice is to approach a reputable real estate agency in the area that can request and provide the buyer with all the necessary documentation: a registry extract, information on any associated charges or encumbrances on the property, usage limitations, etc., and then draft a legally compliant document that is agreeable to both parties.