How Homebuyers Can Prepare for a Virtual Closing

Since the market is filled with historically low interest rates and the opportunity to create your own personal socially distanced oasis through a home purchase, it’s the perfect time period to become a homeowner.

Throughout the last year, the COVID-19 pandemic has created a hot sellers market filled with an influx of homebuyers sweeping real estate off the market in record time. While that may seem intimidating to prospective homebuyers, it doesn’t have to be. Since the market is filled with historically low interest rates and the opportunity to create your own personal socially distanced oasis through a home purchase, it’s the perfect time period to become a homeowner. After you’ve chosen your dream home, purchased Maryland title insurance and prepared for settlement –your title company may offer the opportunity to virtually close. 

Remote Homebuyers Loan Closings 

While the traditional home closing process incorporates a final walkthrough, paying all of your closing fees, and signing a plethora of documents with all agents involved before you receive your keys – COVID 19 has changed this process to include masks. Some real estate agents, home buyers, and title companies are opting for remote home loan closings instead. This means that you can sign all documents virtually and through the safety of your own home. 

Remote Closings Vary by State

Maryland passed legislation allowing for RON, or Remote Online Notarization, in March 2020. This legislation has enabled buyers and sellers to grant Power of Attorney to their title companies to sign their closing documents or for prospective homebuyers to virtually sign. This has enabled the home closing process to be less stressful for buyers, save more time, potentially be less expensive due to the lack of paper documents produced and can catch errors faster.

Get Familiar with Zoom, DocuSign, and Virtually Signing

You’ll need a working computer with an internet connection in order to complete a virtual closing process. Virtual closings can involve Zoom or Skype for proof of identity and conversation between title companies, real estate agents, the notary, and the homebuyers when virtually closing. After a video conference, you can follow up with all signed documents and deliver them by mail or incorporate virtual web document signatures through DocuSign. DocuSign allows you to sign all paperwork, electronically, and at a safe social distance. You’ll be a homeowner with a few quick signatures! 

A Title Company You Can Trust: Colony Title

At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, and LinkedIn.

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