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As people across the country and across the globe emerge from the pandemic, there is much talk of a “return to normal.” We begin to once again enjoy the same activities and ways of life we did pre-pandemic. But some of the adaptations we relied upon during this time are here to stay. eClosings, while not a pandemic innovation, experienced rapid and widespread adoption over the past year, which significantly advanced feasibility and acceptance. Now more popular than ever, eClosings serve as a great tool realtors can use to set themselves apart from the competition by offering their clientele the most convenient settlement solution. As a top rated title and settlement agency in the DC Metro region for close to 30 years and an expert in the field of eClosings, Champion Title has the run down on what realtors need to know about the benefits to eClosings.
First, let’s explain the types of eClosings. A full Remote Online Notarization eClosing occurs when all documents are signed and notarized virtually via webcam meeting. Not all states allow all documents to be executed in this manner, so there are other eClosing options as well. A hybrid eClosing occurs when some of the documents are signed virtually, while others are signed and notarized in-person. The third option requires meeting in-person with the settlement agent or notary and executing the documents electronically on a tablet or computer. Benefits to each of these options are outlined below.
<em>Simplified scheduling.</em> Maybe the biggest advantage to eClosings is the ability to conduct them anywhere, anytime. In an eClosing, all the parties involved do not need to be at the same location or available at the same time to sign documents, providing the ultimate in convenience. Scheduling a settlement for your clients just got a lot easier!
<em>No more missed signatures. </em>Every realtor knows the frustration with delays due to missed signatures at closing. In an eClosing, closing doc packages cannot be submitted without every signature block signed. Therefore, it is impossible to end the closing with any signatures missing. Gone are the days of time consuming review for signatures that might be missing during settlement, or the need to resubmit those that were overlooked, resulting in a quicker closing that your clients will appreciate.
<em>Keep track of all closing docs. </em>Before eClosings, keeping closing packages together without losing a page was a job in and of itself. Separated or lost documents led to additional time needed to create duplicates, thus delaying settlement. eClosings eliminate this risk, and solve a file storage issue as all “paperwork” can be stored electronically. Your clients will love this streamlined approach!
<em>Easy access to closing documents sooner.</em> In a typical settlement, closing docs aren’t ready for review until a day or two before the scheduled closing. But with eClosings, all parties involved in the transaction can electronically view (and review) the docs well in advance of the closing, without having to wait for printed copies to be distributed. Any necessary changes can be made before settlement, rather than scrambling at the closing table and causing delays. And, consistent access to the documents throughout the life of the transaction allows realtors to negotiate the best terms for their clients.
<em>Improved security.</em> eClosings offer “next level” security using advanced digital technology to ensure personal information is kept confidential. In addition, meetings via webcam are recorded and kept on file, providing a complete visual record of the settlement not included in traditional in-person closings. Your clients can feel safe and confident in the integrity of the transaction with this superior level of protection.
Stand out from the competition by offering your clients the most convenient settlement solution. As a caveat, each state has its own regulations regarding eClosings, so to get the latest up to date information please email Champion Title at <a href=”mailto:eclosing@championtitle.com”>eclosing@championtitle.com</a> or visit us at www.championtitle.com. We’d be happy to help YOU provide the best possible service to your clientele!
