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