What to Expect During a Remote Closing
Are you planning to Buy or Sell your home but are unable to attend the closing? Here are some tips on what to expect.
What to Expect During a Remote Closing:
- The title company prepares the required documents, and then emails or uploads them to an online portal.
- The title company verifies personal information and identification by video.
- Buyers and Sellers sign documents electronically.
- The Notary Public uses audio-video conference technology to notarize a signer’s electronic signature on electronic documents.
* The ability to close remotely also depends on the buyer’s lender, and some don’t have the technology to offer a fully virtual closing or work with buyers in states that don’t allow them, says Tendayi Kapfidze, chief economist at LendingTree.
* Most lenders are working toward trying to make this happen, lobbying to get laws in place to allow this, and focusing on how they can make mobile closings with notaries more safe, he says.
23 states, including Florida, have remote online notarization policies
[Source: realtor.com, Florida Realtors]
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