The home buying process has come a long way in recent years, and the title insurance industry is one of the key players in this transformation. By introducing digital transactions to the traditional closing experience, the industry is making the process more convenient and secure for buyers. One of the most notable changes in this regard is the advent of remote online notarization (RON), which is now allowed in most states.
RON is a digital closing process that allows buyers to sign documents remotely with an electronic signature. This is made possible through a secure portal provided by the settlement company or lender, which connects the buyer with a notary. This means that buyers can complete the closing process from virtually anywhere, as long as they have a strong internet connection and a camera and microphone (usually available on most laptops).
To close digitally, buyers will need to log into a secure online closing platform and answer some assessment questions to gain access. They will also need to provide a photo ID, pay closing costs, and review the closing disclosure and documents. Additionally, if money is being transferred, it is important to verify the wiring instructions with the settlement agent to ensure a smooth transaction.
It’s worth noting that while the digital closing process is more convenient, it is not suitable for everyone. Therefore, it is always a good idea to talk to your title or settlement agent about the closing options available to you. They can provide you with more information and help you find a trusted title company that can give you and your family peace of mind.
In conclusion, the title insurance industry is doing a lot to improve the home buying process by introducing digital transactions. Remote online notarization is just one of the ways in which the process is becoming more convenient and secure for buyers. If you’re thinking of buying a home, be sure to talk to your title or settlement agent about the closing options available to you and find a trusted title company that can give you and your family peace of mind. Visit newpathtitle.com for more information.