An eClosing is a transaction where at least one part of the closing package is signed utilizing and electronic signature. The same documents are used the only thing missing is the paper.
In an eClosing, B&K takes the closing to the Buyer. We can meet the buyer at at the real estate broker’s office , at work, at home, or any place which is convenient to them. This alleviates the need and expense which comes with the need to take time off of work, find child care , drive to the office and in some cases purchase airline tickets.
In an eClosing, B&K takes the closing to the Seller. We can meet the seller at at the real estate broker’s office , at work, at home, or any place which is convenient to them. This alleviates the need and expense which comes with the need toto take time off of work, find child care , drive to the office and in some cases purchase airline tickets and hotel rooms.
Less time traveling to and from a closing table means more time selling houses. In a market where even professional services have become a commodity, the ease and convenience of an eClosing will set you apart from the competition . You are helping to facilitate a secure, convenient way to help a client sell or purchase their home without worrying about identity theft, late documents or fighting traffic.
With the use of electronic documents, the element of human error is greatly diminished. it is impossible to forget a signature, initial or a valid notarial act. With the use of electronic documents, there is no delay caused by scanning documents and emailing them to the lender for funding approval. With the use of electronic documents the lender gets consistent documents everytime without worrying about missing pages or pages out of order. When taken as a whole the Lender can fund the loan faster, and that means the buyer gets the keys quicker, the seller gets their proceeds quicker and the broker gets paid quicker.
In an eClosing, the Attorney, the Lender, the Real Estate Broker, and any other invited party can attend without even leaving their home, office, or car. Any questions which are raised can be answered as if they were sitting around the same table.
So… An eClosing is an eClosing. NO!
There are endless combinations of how an eClosing can occur here is how we describe them:
HYBRID eCLOSING- this is where a wet ink note is signed along with an electronic security instrument to secure the loan made in a refinance or purchase transaction
eMORTGAGE- this is a transaction where all documents are eSigned, eNotarized, and eRecorded
Complete eMORTGAGE- this is a transaction where all documents are eSigned, eNotarized, and eRecorded; and the parties use a full electronic collaboration platform to exchange, data, information, documents during the transaction.