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Everything You Should Know About e-closings

There is no denying that the COVID-19 pandemic has changed the way we buy and sell houses. Social distancing has transformed the operations in the field of real estate. Virtual tours, open houses, and e-closings helped real estate agents to make profits and help clients during this tough and challenging time.

 

Several homebuyers and homeowners might not be familiar with the term e-closings. In simple terms, e-closing is the process of electronically closing a mortgage loan.

 

The e-closing process usually happens in a secure and safe digital environment, where either a few or all documents will be accessed and filled out electronically. If you want to stay safe and opt for an e-closing process, you should consider reaching out to a professional e-closings Boca Raton company.

 

Three Different Types Of E-Closings

 

It is important to remember that some states still have not fully permitted remote online notarizations. Due to this, three different types of e-closings have been introduced.

 

During a hybrid e-closing process, notary and borrowers are required to meet in person. Some documents will be signed traditionally while others will be signed digitally.

 

When it comes to remote online notarization, the notary and borrowers will be conducting an online meeting virtually. All the documents that are involved in the transaction will be virtually signed in a remote online notarization.

 

As the name indicates, the notary and borrowers will be meeting in person in traditional in-person closings. They will be executing the digital documents electronically with the help of a tablet or computer.

 

Final Thoughts

 

E-closings were slowly gaining popularity in the field of real estate before the start of the pandemic. However, e-closings have now offered a simple and effective way for real estate agents to do business. Get in touch with us to learn more about e-closings in Boca Raton.

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