The process of buying or selling a home can be complicated at the best of times, but since the onset of the COVID-19 pandemic, people involved in these types of transactions have encountered additional challenges. In some cases, people may be concerned about safety issues related to the possible spread of infections. At the same time, many people have become used to working from home or holding virtual meetings, and they may find it easier to handle business using online tools rather than meeting in person. Homebuyers and sellers will want to understand the options that may be available to them during a home closing, including whether these matters can be completed virtually or whether documents can be signed electronically.
Options for eClosings
Traditionally, a home closing has involved a lengthy meeting in which the parties sign multiple documents that transfer ownership of the property and establish a homeowner’s financial obligations to their mortgage lender. Due to concerns about COVID-19, many realtors, attorneys, lenders, and other involved parties have taken steps to limit contact during closings, sign documents electronically, and handle these meetings virtually when possible. While concerns about infections may be reduced for those who have been vaccinated, some of the options for virtual closings may still be preferable, since they may allow a closing to be completed more quickly, easily, and efficiently.
A virtual closing or eClosing may involve any methods of signing or filing documents electronically, and these closings may consist of:
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