In recent years, more and more real estate transactions have been conducted entirely online. Although this dramatic rise in online property sales required an incredible amount of systematic and technical innovation in a variety of fields, it would be largely impossible without the support of online notarization. In short, real estate professionals and mortgage lenders are increasingly turning to online operators when they need to secure a notary for loan documents.
The Online Real Estate Sales Boom
While people tend to assume that the recent increase in online real estate sales is entirely a product of the COVID-19 pandemic, property transactions have been relatively common in the virtual environment for quite some time. They are ideal for anyone who needs to conduct business at a distance for a variety of reasons, but they also make the buying and selling of property far simpler, more streamlined and more convenient.
Over the past several years, all kinds of business sectors have increasingly gone virtual. While the average homebuyer might still be reluctant to purchase a house entirely online, the practice has become more popular for the sale of distressed properties in an auction-style format. Sites such as Auction.com and Hubzu.com do a brisk business in distressed property transactions by serving a client base that primarily consists of flip investors.
More general consumer homebuyers are turning to online real estate sales as well. Thanks to modern technology, virtual selling and buying has never been easier. By taking virtual tours online and attending showings via Zoom, consumers can examine potential properties before making a bid. They can also schedule professional inspections remotely and sign all necessary documents electronically.
The Need for Online Notarization
Of course, the most important real estate sales documents must be signed at closing, and these documents require the services of a registered notary public. Fortunately, the vast majority of U.S. residents can now complete even this highly regulated process online.
Like the history of online property sales, the history of remote electronic notarization (e-notarization) precedes the COVID-19 pandemic by many years. In fact, Virginia became the first state to approve e-notarization in 2011. In the wake of this pioneering venture, Montana authorized e-notarization in 2015, followed by both Nevada and Texas in 2017.
Today, 41 states have passed permanent remote online notarization (RON) laws. This makes perfect sense as people are increasingly turning to the internet to complete essential steps in the real estate buying and selling process. Realtors, real estate agents and mortgage lenders have discovered the value of e-notarization and are using these services more as virtual sales continue to increase.
For More Information
If you want to learn more about remote and electronic notarization, contact a real estate signing agent at First Class Signing Service today. We can manage the entire closing process online with mobile notaries and virtual signing agents who are available 24 hours a day, seven days a week.
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