Hybrid, full and online eClosings offer varying degrees of streamlined processes and digital efficiency. The following chart details the various levels of eClosing, as well as the procedures they entail and the availability of each:
Provides a digital means of document signing that is efficient, convenient and as legally binding as signatures involving pen and paper. eSignature is used for both pre-closing and closing documents.
Enables a state-approved and -certified eNotary to affix an electronic signature and notary seal to an electronic document such as a PDF. The eNotary and signer must be in the same physical location to meet the requirement for “physical presence” in nearly all of the states.
Allows the signer to be located anywhere in the world and appear before the eNotary via the Internet or a two-way videoconference, thus meeting the personal-appearance requirement. The eNotary keeps a recording of the meeting.
Authorizes a county clerk or county recorder to accept electronic documents for recording and to index and store those documents, including recordation of instruments affecting real estate.
*eRecording does not require the security instrument to be electronically executed. A county often records a scanned image of the paper security instrument when it eRecords.