If you are used to the traditional real estate closing process, you likely have numerous questions when it comes to virtual signing. What is a remote closing? Is an electronic notary the same as a remote online notary? What can I expect when closing a real estate deal remotely?
Read on for brief answers to these questions and more.
What Is a RON Closing?
While a traditional closing occurs in person in the physical presence of a notary public, a remote online notarization (RON) closing occurs remotely through an online digital platform. RON goes hand in hand with virtual signing, which refers to the electronic signing of documents through digital signature software and/or online platforms.
With the growing number of virtual real estate sales in recent years, the use of virtual signing and remote online notarization have also increased. The success of the RON model has caused more and more states to pass laws that allow online notaries to serve a broad spectrum of functions.
RON supports the closing of transactions using live online video and audio. This means that signers can cement legal real estate deals without meeting with each other or their notary in person.
Electronic Notary vs Remote Online Notary
Many electronic notaries are RON notaries, and all RON notaries use electronic processes to perform their services. However, the electronic notary and the RON notary use different methods to perform digital notarization.
Also known as e-notaries, electronic notaries employ electronic processes to officially notarize documents and signatures. To affix their digital signature/seal and perform other acts of notarization, these professionals might use any number of electronic tools and platforms, which are typically accessed through a computer or mobile device. In most cases, the e-notary and the signer or signers must meet in person at the same physical location.
By contrast, RON processes allow the notary and the signer(s) to authenticate official documents and close legally binding deals over extensive geographic distances. Taking advantage of video conferencing and other forms of audiovisual technology, RON facilitates the signing of final agreements with the digital signature and seal of a certified notary.
How Does a Remote Closing Work?
Due to its extraordinary accessibility and ease, more and more people are turning to remote real estate closings using RON technology. Fully online closings involve meeting virtually with all relevant parties including sellers, buyers, and their real estate agents and attorneys. In addition to signing closing documents electronically, you can expect to send any closing payments via electronic transfer and processing. In addition to producing the same verified and authenticated documents, remote closings offer a level of security that equals those of traditional, in-person closings.
To Learn More
For more information about virtual signing and RON closures, contact one of the signing agents at First Class Signing Service today. A skilled and knowledgeable signing service professional is standing by to help you with all your legal document needs.
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