With today’s society moving towards a paperless and globalized world, gathering together in an office to sign paper with an ink pen seems almost archaic. Times are beginning to change in the notary world as well, and now online notary is available for your online closing. With that in mind, here are 7 steps to prepare for an online closing.
- Understand the Difference
A lot more goes into an eClosing than simply clicking a few buttons. An eNotary needs to be just as powerful as a wet signature, which requires a special level of protection. Remote notarization takes place much like an online meeting and involves several steps to protect the validity of the signature.
eClosings can also be done either fully online, or as a “Hybrid Closing” where the Promissory Note is wet signed, but the rest are electronically signed and notarized. Knowing the difference can help you be better prepared for an eClosing.
- Double-Check Your Local Laws
Online closings are rapidly being adopted all over the United States, but some places still don’t allow online closings. If your real estate agent is helping you close your house or other property, chances are they are aware of local laws, otherwise, your title insurance company will definitely be able to offer guidance and recommendations appropriately.
- Make Sure You Have Everything You Need
An online closing requires a computer and a webcam in order to complete. You may think you can use the camera on your phone such as you do with Zoom meetings, but this often isn’t the case. If you’re not sure, ask what technology you will need to have in order to complete the closing.
- Be Prepared to Still Use Ink
Just as there are different types of online closings, there are also different ways they can be signed. This includes a wet ink signature that is then scanned in, a plain text signature, a font made to look like a signature, and the digital capture of your signature. Even if it doesn’t look like your actual signature, these are still valid for the purpose of an eSigning.
- You’ll Want to Dress for the Camera
Online closings are made to look and feel as much like an in-person signing as possible. This means your online notary will be able to see you, and you will be able to see them. Just a word of caution as some may forget that they will be on camera while doing an online closing.
- Ask Questions
Online closing is mostly the same as a real signing, and every measure is taken to make the process safe and secure. If you’re at all concerned about security or the validity of the closing, feel free to ask your questions of your title company. When dealing with something as big as a house sale or purchase, title companies will want to make sure your questions are answered before you sign on the dotted line.
- Confirm What You Will Need to Bring
Even if the eClosing is conducted entirely online, you’ll still need to pay the fees associated with closing and may need specific documents. Ask your agent what you will need, and have them ready in advance so that the process goes as smoothly as possible.
Online notaries are becoming very popular, and are very secure and valid methods to getting your eClosing completed. As an added bonus, this method of closing is also environmentally friendly, which is a growing concern for many people around the globe. If you’re thinking about doing your closing online, due to distance issues or other reasons, you can do so with confidence. It is an excellent method for transferring ownership.
At Millennial Title, we’re happy to assist our clients with a variety of methods of closing, including online. We’re licensed to serve clients in over 22 states, so contact us for more information.