E-CLOSINGS

The term: E-Closings” is getting very popular in our industry. But what does this term mean? According to the First American Title, the term e-closing is defined as; “While the industry has yet to settle on a standard definition for eClosing, an eClosing is generally any real estate closing event or process in which the buyer, seller, borrower, notary or others use an electronic signature (eSignature) to sign some or all of the closing documents. Below is a visual of different variations of E-Closings.

TRADITIONAL CLOSING

IN-OFFICE

  • In-person
  • Title company closer
  • Paper-based
  • Wet-signed

MOBILE/MAIL-AWAY

  • In-person
  • mobile notary
  • Paper-based
  • Wet-signed

E-CLOSING 3 TYPES

HYBRID

  • In-person
  • Title Company closer/Mobile notary
  • Mostly e-signed
  • Certain docs wet-signed
  • Desktop/Tablet

FULL

  • In-person
  • Title Company/Mobile Notary
  • Completely        e-signed
  • Desktop/Tablet
  • E-notarization required
  • E-Recording required

REMOTE

ONLINE

  • In-person
  • Title Company/Mobile Notary
  • Completely e-signed
  • Desktop/Tablet
  • E-notarization required
  • E-Recording required
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