New Digital Closing Solution Streamlines Virtual Closings

The process of performing digital closings is one that is becoming more common in the marketplace. As the technology progresses and new regulations are passed, our hope is that an increasing number of sellers will have access to performing their transactions this way.  
 
VirtualClose® is a safe and convenient digital closing process that provides agents and sellers the flexibility of Remote Online Notarization (RON), streamlining the closing process through a single collaborative process.
 
In states where RON is available, signatories can appear before an eNotary via a two-way audio-video conference to digitally sign and execute closing documents. The identity of the signers is verified with photo ID and knowledge-based authentication questions, making the process accurate, speedy, secure and eco-friendly, reducing paper waste and supporting eRecording within the given county.

Here’s how the process works (in states where it’s available):

• The signer contacts the escrow closer to request RON.
• The signers’ documents are sent to the RON provider in PDF format.
• The signers’ identity is screened according to the requirements of the notary’s commissioning state, and the notary remotely views IDs and verifies other RON identification methods as set by statute.
• A webcam and microphone or telephone capture full audio and visual recording of the transaction.
• Once identities have been verified and all other requirements are completed, the signers and the notary sign the documents and the notary’s seal is affixed. (For electronic documents, this requires electronic signatures and electronic version of the notary’s seal as provided within the RON platform.)
• The notary journal within the RON platform records the required information.
• The remotely notarized document is returned to the individual who initiated the RON session.

Note that the escrow officer and agent can join the call during the session (not the video). Anywhere Integrated Services, our parent company, is working with Notarize on ways to enable real estate agents to join the RON call and be a part of the signing experience.
 
For more information as it applies in your state (or to find out if you are in one where RON is available), check in with your title representative.
 
Barbara Pronin is an award-winning writer based in Orange County, Calif. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade.