Everything to know about remote closings
Buying or selling real estate soon? You might not know that there are three primary ways to do your closing when you close with Hywater Title! In this blog I will break each of these down and explain the pros and cons to help you decide which is the best fit for you.
1. In-Person: The more “traditional” way of closing is to meet your favorite title company in the office (or let Hywater come to you)! The biggest benefit to an in-person closing is the ability to ask questions and receive answers from one of our title attorneys or experienced closers. This is especially important for first time homebuyers or the nervous seller. Our team will come to the closing table with a knowledge and understanding of your closing documents and can walk through them at your pace. This type of closing also allows for mistakes in the paperwork to be remedied very quickly and very rarely would it cause a delay in closing. We understand that in-person closings can be inconvenient to your work or school schedule. Thankfully, Hywater has a full-time scheduling assistant who will work with your schedule to find the best time for closing. Even though we do our best to accommodate all schedules, we still recommend clients keep that day blocked off from work or important meetings if at all possible. We want the closing day to be a happy, memorable event for you, so allow for as much celebration time as possible.
Some circumstances may call for one of our experienced closers to come to you! This is absolutely an option and one Hywater is happy to accommodate. Just keep in mind that our team may book other closings/appointments that day, so let us know as soon as possible if you think you may need a remote closing. It’s also good to remember that sometimes sensitive information is discussed in a real estate closing, so it’s best to have a private place to meet.
2. Mail-Away Closing: It’s no secret the Middle Tennessee market has seen extensive growth the last few years. As a result, we have handled a lot of real estate transactions via mail. This option is perfect for an experienced out-of-state buyer (or seller). We simply email you the closing documents and you can go to your local FedEx-Kinkos, bank, or private notary office to have someone notarize the documents while you sign them. We will provide you with a pre-paid overnight label to send the documents back to our office.
3. Remote Online Notarization (RON): The process of signing closing documents with an “online notary” has been around for almost ten years, but it hasn’t always been widely accepted. Some states allow the use of remote online notarization (RON) for real estate closings while other states have dismissed it.The process typically requires the title company to have a relationship with one of the providers. At Hywater, we have access to multiple different RON companies and will work to find the one that best meets your schedule and technology needs. While RON is a very cool concept and can allow for ultimate flexibility with schedule and location, the biggest deterrence is the cost. The remote online notarization companies charge per signature, and as you might know, a closing package may require upwards of fifty signatures resulting in a hefty bill.
These options are all available to Hywater clients and our team is always available to discuss your closing options. Give us a call at 615-896-9494 or email us at hello@hywatertitle.com.
