CayTitle-DigitalSignature

Electronic (Digital) Closings and Online Notarization

Electronic closings (eClosings or digital closings), incorporate digital forms, electronic signatures, and electronic notarization into traditional closings. There are 3 separate types of eClosings:

  • Hybrid Closing – real estate closing where most of the documents are signed electronically, except for the note and notarized documents.
  • Electronic Closings– real estate closing where all documents are signed electronically
  • Remote Online Notarization – ability to notarize remotely using video

During a Remote Online Notarization, the person signing appears via two-way audio/video conference over the internet to sign a document. This is typically done with an electronic signature, but may also be done by wet signature. The identity of the signor is confirmed through a 3rd-party platform that verifies with a photo ID and the correct answers to knowledge-based authentication questions.

Benefits
  • Allows you to close anywhere, even at home!
  • Faster and more efficient closings / streamlines closing process
  • Shorter closing process
  • Allows for preview of documents prior to closing
  • Convenient
  • Allows for social distancing
Minimum System Requirements for Remote Online Closings
  • High-speed internet: A single user requiring HD video and audio should have 4- to 5-Mbps capacity minimally. An uninterrupted internet speed of 15 MBPS upload and download speed is required for an ideal experience. Click here for an easy Speed Test
  • Camera: Make sure your video capture has a higher resolution and can stream fluidly.
  • Audio: RON requires a camera, microphone, and speaker access to complete the video call.
  • Smartphone with Camera and Text Capability: During the RON closing, consumers are required to validate their photo ID through a trusted third-party identify verification service. Consumers must use their smartphone to take a picture of their photo ID and upload it via text from a United States phone number.
  • Environment: Make sure you have dedicated space, free of noise and distractions, to conduct RON transactions.

For more specific requirements on the Pavaso Platform, download the RON Guide