As digital processes become the norm, it’s important to understand just how eClosing and remote online notarization (RON) can benefit real estate professionals. Closings can be delayed for many reasons, including waiting on an in-person notary to be available so parties can sign closing documents for a home purchase; a very antiquated, paper-intensive process. With digital processes and systems more mainstream, eClosings are becoming more and more popular. So what exactly is an eClosing and remote online notarization?
What is an eClosing?
An eClosing is the process of finalizing a mortgage or real estate transaction — the buying or selling of a home — electronically. Any or all of the documents can be accessed via a secure RON platform, such as eNotaryLog, before the closing date to view, sign, and eventually notarize, all online. eNotaryLog ensures that every step of the process is secure for you and your client. With eNotaryLog, you can have peace of mind knowing that your eClosing will go smoothly, allowing you to improve and streamline processes and build clientele.
Remote Online Notarization and eClosing
Up until the suspension of in-person activities due to COVID-19, many closings were completed in-person. In fact, RON was only available in states where a RON bill had been passed. However, governors across many states decided to allow RON when county clerk offices closed during the pandemic. Today, 40 states have RON laws, further improving the experience and archaic paper-intensive in-person closing.
Using RON allows you to not only get the notarizations you need to close your real estate transactions, but platforms provide secure options so that sensitive information is protected at all times. The basic steps of eClosing with an eNL notary include:
- Receipt of the closing package and date. Once you have your closing documents, usually in a secure portal provided by your title company or closing attorney or accessible via a secure link and pin code directly in a RON platform, you’ll coordinate a signing time with your closing agent and the platform provider’s notary. The notary will walk you through the review and notarization process.
- Identity Verification. Once connected to the notary via audio and video technology, the licensed notary will ask to view a valid photo ID and confirm your identity before executing any closing documents.
- Document notarization. Once your identity has been confirmed, the notary will witness your signature and assist you through the rest of the notarization process.
- Securely save and store your documents. Once your documents are executed, you and your closing agent will be provided a secure link to access the files. The audio-video recording of the notarization session will be retained by the RON provider, as required by law.
What Signers Need
As you prepare for an eClosing, make sure you have access to your closing documents, have a valid photo ID, and have audio-video capabilities on your computer or laptop. Things to have include:
- High-Speed Internet Access with Audio and Video Access
- Two Forms of Valid Photo Identification
- US Driver’s License
- US Passport
- Certificate of Neutralization
- Green Card / Permanent Resident Card
- US State-Issued Photo ID
- Certificate of US Citizenship
- Military ID
- A Witness
The notary cannot be the witness to the documents they are notarizing, so you will need to ensure that a witness is present during your eClosing. If you have any questions about what you may need for your eClosing, please speak with your title company or reach out to eNotaryLog for assistance.
Benefits of Closing Online
If the convenience of not having to make an in-person appointment with a notary to close your real estate transaction isn’t enough to sway your decision to work with an online provider, here are a few more benefits:
- More time to review documents. When you choose to notarize your documents online, you’ll receive your closing package ahead of time — giving you time to review and read through it.
- Faster closing process. eSigning your closing documents can happen in as little as 30 minutes, whereas traditional closing processes can take up to an hour, if not more.
- Fewer errors. At eNotaryLog, our signing platform ensures that every signature block on every page has been signed. No need to worry if you missed something.
- Secure and convenient. Our platform is secure, so you can rest assured that your information is protected, as well as easy for you to access when you need it.
- Focus on your clients and build your business. When you partner with eNotaryLog as your RON and eSignature provider, you can spend more time helping your clients and building your business, less time waiting for an in-person closing to happen.
Choose eNotaryLog for Your Next eClosing
Working with a RON-licensed notary for your next eClosing has never been easier than with the secure eNotaryLog platform. We are proud to work with real estate professionals across the country who desire a faster, more streamlined closing process For those who want to spend more time growing their business, providing convenience and a modern-day experience, less time with paper and outdated processes and systems. Get in touch with us to learn more about how our platform can elevate your business.
Talk with our team on implementing eClosings for your business.