An E-Closing is the electronic execution of some or all closing and/or mortgage loan documents in a secure digital environment. E-Closings allow for a more efficient and streamlined closing experience for buyers, sellers, lenders, and third parties. E-Closings can be a hybrid paper and electronic process.
Hybrid e-closings are those closings in which most of the documents are digitally signed, and a few are wet signed. Key documents such as the promissory note and security instrument can be printed to paper and wet-signed, while other documents are signed electronically. Hybrid E-Closings are mostly used with transactions involving third-party financing. Hybrid closings provide its users the efficiency of digital closing, with a few wet-signed documents. This can be a more efficient way of completing transactions when a loan is involved.
Many issues currently limit the industry from completing full E-Closings when a loan is involved. Compliance issues, limited secondary market investors, geographic area of the transaction limiting E-Recording, local laws limiting remote online notaries , lender capabilities with E-Note and E-Vault functionality, Title Company and Lender having compatible approved technologies. A fully E-Closed transaction can occur even if a loan is involved if all of these items line up correctly and these issues will become less and less problematic in the next few years.
If the transaction is all-cash than you can complete a fully E-Closed Transaction with less limiting factors. Limiting issues like “Does my state allow Remote Online Notaries?” and “Does the county the property is in allow E-Recordings?” become the only hurdles to overcome. States are very quickly adopting laws allowing RON transactions and most high density counties have E-Recording capabilities. So the potential for a fully digital transaction is better when the transaction is an all-cash transaction.
Currently Rift Title is licensed in Texas.
Rift Title operates in all Counties within Texas.