Case Study

Adam Leitman Bailey, P.C. Closes Loan During Corona. “We do not believe in excuses.”

The recent outbreak of COVID-19 has left many uncertainties for the future of traditional in-person closings but for now the show must go on!  Adam Leitman Bailey, P.C. (ALBPC) was scheduled to represent the lender and attend a closing in Westchester during the early developments of the COVID-19 outbreak.  As the closing date was approaching Westchester was considered one of the fastest growing locations for positive confirmed cases of COVID-19.  Adam Leitman Bailey, P.C. prepared for the closing and took necessary precautions to ensure the safety of our staff while delivering the same quality of service to our client.  Adam Leitman Bailey, P.C. suggested that the purchaser and seller close by Power of Attorney to limit the number of attendees at the closing.  Adam Leitman Bailey, P.C. helped to prepare the purchaser’s power of attorney and worked with the lender to receive approval on short notice.

The closing consisted of four attendees, Adam Leitman Bailey, P.C.’s bank attorney, purchaser’s attorney, seller’s attorney and coop transfer agent.  All attendees wore gloves and face masks and maintained a six foot distance around the large conference table.  Frequent hand washing was practiced by all parties during the closing and everyone respectfully declined to shake hands.  Our firm’s bank attorney worked diligently to receive funding approval quickly from the lender.  Together all attendees worked meticulously to limit the time spent at the closing table while successfully closing the transaction for their respective parties.  This experience showed that during the most trying of times everyone was able to safely come together to facilitate a traditional in-person closing.