When unable to attend an in-person for the purpose of buying a home, you can carry out the entire process from any location on the planet. Thanks to recent technological advances used to conduct virtual meetings, such as Zoom and Skype, and DocuSign for securely transferring critical documents, doing a remote closing is easier than ever.
You Can Do All In-Person Procedures Remotely
Traditional closings call for many moving pieces, including:
- Notarized copies of all documents from the builders or title company’s office
- Purchasing information about the home
- Appraisals and home inspection documentation
After completing the closing, the courthouse must receive copies of all contractual data. Handling these activities remotely requires some extra time and energy. However, it’s extremely helpful for those whose schedules don’t permit in-person transactions. Many buyers today already carry out remote closings.
You Can Also Do Remote Notarizations, Document Signings, and Payments
Most documents for real estate deals require notarization. However, you can handle notarizations without having to hold in-person meetings. For instance, in a virtual meeting via Zoom, individuals can show ID to a notary, who can then scan and fax the documents with the appropriate signature. You can also handle virtual conferences in conjunction with services like DocuSign. They offer options like eSignature, which is a system for signing documents electronically on various devices.
Where a traditional closing may require a cashier’s check or certified funds, virtual closings often use wire transfers. The technological advances of recent decades now allow almost all such business transactions to be accomplished virtually. However, it’s important to consult the professionals involved in a given case to fully understand how to complete a virtual closing.
For More Help with Remote Closings, Contact Bell & Shah Law Today
For top-notch help in carrying out a remote closing, contact Bell & Shaw Law, LLC today. We will have you discuss your situation with one of our knowledgeable real estate lawyers, who can assist you with completing all stages of the process.
When it’s time to close a real estate transaction, should you have a real estate attorney present at the closing to protect your best interests? Legal experts generally agree that you should. We recommend that you have your attorney at your settlement because you may not be comfortable with sifting through and trying to comprehend the mountain of documents related to closing a mortgage loan. Buying a home is likely to be the most important financial transaction of your life. That means it’s essential to have the protection of an attorney with extensive knowledge of real estate law.
The Attorney’s Role at a Closing is Crucial
When a buyer hires an attorney to attend the closing, they offer a valuable service in studying the paperwork to ensure that all of the documents are accurate. Since most homebuyers do not often deal with contracts, and a home purchase generally requires a significant investment, it’s helpful to have an attorney verify that the documentation is correct. At the very least, they can help ensure the sale closes if issues come up.
Attorneys are especially beneficial if your transaction includes unusual circumstances. This includes things like renters living on the property. Perhaps the sale requires a complex financing arrangement. There may even be an imminent lawsuit related to the property. Having an attorney makes these situations much easier.
You Can Resolve Unforeseen Issues More Easily
Attorneys are also helpful when issues crop up without warning during the closing. For example, the buyer may get cold feet and want to back out of the deal. What if a brief online search uncovers a lien against the property? What if an eleventh-hour boundary issue arises? Attorneys can assist in resolving such issues and ensure that the deal goes through as planned. So, if there’s a real estate closing in your future, an experienced attorney can help guarantee that you won’t be signing anything you may later regret.
At Bell & Shah Law, LLC, our attorneys are well-versed in the ins and outs of real estate closings. For more information on how we can help with your real estate transaction, contact us today.
Congratulations you bought a house! Homeownership is exciting every time, whether this is your first house purchase or your tenth. However, along with the excitement comes a lot of uncertainty. Will the home pass inspection? Will the paperwork process go smoothly? Will the closing be easy?
Closing on a house is certainly an exciting time. However, it can get frustrating if you aren’t properly prepared. Knowing the steps involved, documents needed and time it will take can make the whole process run more smoothly. You’ll also feel more confident the more you know about the process.
The First Few Steps
You’ve found your dream house and agreed with the seller on a price. But what happens now? The time you are under contract for a home purchase to your closing date can take 4-8 weeks to complete. That can seem like an eternity when all you want to do is move into your new home. However, you and the seller need this time to prepare for the transaction.
During this time, you will want to set up a third-party escrow account to cover closing costs and the down payment. This time prior to closing will also be a time for the home inspector to visit the home and make any recommendations. You’ll have time to negotiate the findings as well, asking the seller to make any repairs as needed.
Approaching the Closing Date
As the big day approaches you will need to ensure all home inspections have been completed and passed. Any repairs that the seller had agreed to must be done to your satisfaction, as per any negotiation.
As the closing date approaches, it is time to revise or increase your home insurance policy. If you haven’t owned a home before, you will be starting from scratch. If you have homeowner insurance currently, you will need to work with your agent to adjust the parameters for your new home.
Finally, during these last few weeks prior to closing, be cautious with your spending. Avoid any major purchases or opening any new lines of credit. Lenders and sellers do not typically like abrupt changes and major financial activity can cause a delay in your closing.
The Day of the Closing
The final walkthrough is finished, all repairs are done, and now it’s time to close. Be sure you are prepared with a cashier’s check for the down payment and any closing costs. You will also want to bring along your checkbook for any additional fees or costs that arise during the process.
The closing process can be confusing, and there is a lot of paperwork involved. You can feel more confident that your best interests are taken into account when you work with a real estate attorney. At Bell Shah Law, we excel at real estate transactions, meaning our clients have no surprises during their closing dates. We are there during the closing process to make sure everything runs efficiently and to explain what is happening to our clients. Our team is also there to negotiate any additional fees or costs that pop up during the process.
You don’t have to wait for your closing or contract to work with our experienced team of attorneys. Instead, call us as you begin your home search so that we can advocate for you throughout the entire process.
Call us today to get started.