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E-closing is an electronic execution of some or all closing and/or mortgage loan documents, in a secure digital environment. E-closings were made to deliver a more efficient, convenient, and streamlined closing experience to all parties involved. E-closing can be a 100% electronic process, or a hybrid paper-electronic process.
Hybrid e-closing allows for most of the documentation to be digitally signed from any location, with just a few key documents (like the promissory note and security instrument) having to be wet-signed. Hybrid e-closings are mostly used with transactions involving third-party financing. They provide a very efficient way of completing transactions when a loan is involved.
There are still issues that can limit the industry from completing full e-closings when a loan is involved. The issues are tied to compliance; limited secondary market investors; geographic area of the transaction which can limit e-recording; local laws which can limit remote online notaries; lender capabilities with e-note and e-vault functionality; or a title company and lender not having compatible approved technologies. If all of these items line up correctly, you can fully e-close your transaction. However, it is expected that these issues will become less limiting over the next few years.
If the transaction is all-cash, then you can complete a fully e-closed transaction with less limiting factors. The only hurdles to overcome are the issues of your state allowing or not allowing remote online notaries (RON), or your county allowing or not allowing e-recordings. However, most states are quickly adopting laws allowing RON transactions and most high-density counties already have e-recording capabilities.
There are many important reasons why more and more realtors, investors, lenders, buyers, and sellers are preferring to e-close a real estate transaction. Some of the reasons are:
No need to worry. With Rift Title, you can also schedule a mobile notary to physically come to whichever address you’re at.
Glad you asked. We strongly believe in making the closing process as simple and streamlined as possible. That’s why we created several free tools to help speed things up and make your life easier. With Rift Title, you can get reliable and accurate rate estimates for your property in just a few minutes. You can also quickly generate contracts, create amendments or prepare termination documents - even from the convenience of your home! We also keep you in the loop throughout the process, with our real-time alerts and a status tracker notifying you about key milestones and dates. Plus, our intuitive app only needs you to enter data once! With each new document - the information will already be there.
There are a lot of reasons why security needs to be a top priority with all real estate transactions. At Rift Title, we understand that completely. Which is why we invested a lot of time and money into crafting a reinforced web of cyber-security protocols. Keeping all of your sensitive personal and earnest money information safe at all times.
We are currently licensed to operate in all counties within the great state of Texas.
It’s simple, you can either download it on your phone - or check it out on your PC or laptop.