What if there was a way to complete the purchase of your new home without you needing to be at the closing table?
For many years, Florida title representatives and realtors have been using tools such as electronic signatures to help clients stay organized and get things done quicker for the benefit of their clients. This helps make buying and selling real estate easier for those out of state.
Over the last few weeks, we’ve encountered a unique situation: more than ever, buyers and sellers are unable to attend closings in-person. But that doesn’t mean you’re out of luck on a smooth transaction.
Here’s what you need to know about remotely closing on the purchase of your next home:
What is a remote closing?
A remote closing follows the typical process of transferring ownership of a property from the sellers to the buyers. The big catch? Anything that requires a signature is done online through secure electronic signature programs.
Your title company and lender can arrange for all transfers to be done electronically as well, though more than ever it is important to be vigilant that you don’t fall victim to a wire transfer scam.
How do electronic signatures work?
Realtors, title representatives, attorneys, and many other professional service businesses use programs to send documents to their clients for review and signing. Instead of printing off the document and having to fax or scan it by email back to the sender, with the click of a few buttons the document is completed and everyone involved gets a fully signed copy in their inbox.
Are these tools secure?
Yes, but it is still important to be careful. Programs like DocuSign, Authentisign, and HelloSign all have security measures in their software which detect where a document is opened and signed, who and how many people have access to it, and allows signers to access the document conveniently from their devices.
There are risks to be aware of including wire transfer fraud and the dangers of having a weak password on your email accounts. To ensure security, make sure that your password is strong and that you are not sharing the electronic signature links with anyone but those signing the documents.
How does it work?
Leading up to closing, your title representative will do their due diligence in getting a home ready to be transferred to its new owner. They will electronically file to have the deed transferred and send copies of all documentation on the closing day.
Any required signatures are done electronically.
To pick up keys, title representatives and realtors are working together to ensure a safe contact-limited delivery. This might mean gaining access at a pickup location or hiring a professional courier to deliver the keys.
Is this a new process?
No. Despite the current events pushing many businesses online, remote closings are not new in the state of Florida. In fact, so many out of state buyers are able to secure their purchases and sales without needing to be in the area at all.
These methods are tried and true, but it is important that you are working with a team of professionals who are well equipped to handle a remote closing for you.
Remote closings are a convenient and stress-free way to close your real estate purchase or sale if you can’t physically make it to the closing table. They allow your realtor and title representative to get their jobs done efficiently and look out for your best interests by keeping your health, safety, and convenience in mind.
Whether you’re out of state or impacted by the current events, there is no need to
worry about a smooth and stress-free real estate transaction.