Closing
What is a Remote Closing?
Traditionally, the closing day has occurred in person, often at an attorney, title agency, or escrow company office. With the rise of digital technology, real estate closings are changing. New platforms make it easier for the parties to be in separate locations, potentially across the country or even the world from each other, and still close real estate transactions.*
Remote closings can be very beneficial for investors involved in multiple transactions, as the ability to use e-signatures or mobile notaries provides more flexibility and can save time in the process.*
*Note: Remote closings may not be available in your state or county due to state and county laws and regulations. Your title company will know whether an in person closing is required.
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The Benefits of Remote Closing
Remote closings provide the most benefit when parties are either not local to a transaction or are busy at work or on the go. That said, the flexibility of remote closings can be beneficial to any party to a transaction. Remote closings allow parties to sign closing documents from wherever they are either via e-signature or physical documents delivered to the party, usually by a mobile notary.
Additionally, the parties can work asynchronously, meaning that the availability of one party will not affect the other party’s ability to work through documents. If documents are stored in a central online location, each party can see as documents are completed in order to track progress on the day.
Tools Used in Remote Closing
There are a few digital tools frequently used in remote closings, including:
E-signature tools: these tools allow parties to agreements to sign documents on their computer or devices without the need to download or print. In many states and counties, e-signatures are just as valid as written signatures.
Mobile or digital notary: digital notary platforms provide notary services digitally, using video call or remote screen capture to allow a notary to digitally attest and authenticate signatures. If a notary is required to be physically present, mobile notary services can send notaries to the location of the party signing.
Video calls: video calling technologies such as Zoom allow escrow officers, loan officers, attorneys, and other professionals to be remotely present to help parties walk through documents, explain important provisions, and guide the signing process.
Documents hubs: digital platforms used by title and escrow companies as well as title attorneys give parties a view of the transaction as it moves through the process. This can be very helpful for remote closings as the parties can track documents as they are executed.
Conclusion
Whether an in-person or remote closing is right for you will depend on the type of transaction, the other parties involved, your title or escrow company or attorney, and what is required by the state or county. For those involved in several transactions, such as investors and builders, remote closings can make it easy to manage multiple transactions at once, especially from across the country.
The information provided in Blueprint Academy does not, and is not intended to, constitute legal advice. All content is for general informational purposes only and is not intended to provide a complete description of the subject matter. Specific processes will vary based on applicable law. The title and closing process will be handled by a third-party attorney to the extent required by law. Product offerings vary by jurisdiction and are not available or solicited in any state where we are not licensed.