The real estate industry has been on the trajectory of digital transformation for many years, and with the COVID-19 pandemic the adoption of remote online closing or eClosings has been pushed into the mainstream.
Electronic signatures have generated widespread notoriety because they improve many aspects of traditional, in-person signatures. Today, we share how eClosing platforms deliver unique speed and ease to every stage of a deal.
Some of the positive impacts of using eClosing tools in real estate deals include:
Decrease of Buyer Stress
Homebuyers receive their documents early, allowing them enough time to read and understand what they are signing. Additionally, they have time to settle any questions by approaching their agent, lawyer, or lender.
Built-in fail-safes within eSignature tools ensure no initials or signature is missing. It also lowers the likelihood of losing documents before submitting them for recordation.
Closing times and costs minimize due to the decreased amount of errors signing a contract. Title agencies often rush deliveries of documents with missing signatures post-closing.
eClosing platforms are accessible online or as a downloadable app on tablets or smartphones. Real estate and title agents are able to immediately draft contracts and have buyers sign while on-the-go.
Management and Organization
Traditional closings typically entail mounds of paper documents being sifted through and signed. Working with digital files helps agents better manage and access documents while remaining organized, allowing for a more seamless closing and an enhanced client experience.
Each state throughout the U.S. has similar laws that give legal effect to electronic signatures, contracts, records, and transactions.