Thanks to digital technology, it’s no longer necessary to close a real estate property in person.
Here at Lilly Title & Settlement, we use Remote Online Notarization, RON for short, for digital closings, which makes the entire closing process completed electronically and virtually.
Here at Lilly Title & Settlement, we use Remote Online Notarization, RON for short, for digital closings, which makes the entire closing process completed electronically and virtually.
A notary attends via a webcam and finalizes the documents that require notarization. A RON closing, also called a full eClosing, is paperless.
• No physically printed or signed documents
• No in-person signing appointments
• Fully digital
• No physically printed/signed documents.
The buyer reviews and electronically signs the majority of legal documents prior to the virtual closing.
• No physically printed or signed documents
• No in-person signing appointments
• Fully digital
• No physically printed/signed documents.
The buyer reviews and electronically signs the majority of legal documents prior to the virtual closing.
2 More Types of Closings (Besides the Traditional)
Besides the RON closing, there are two more types of closing that skirt the traditional way of having property legally changing hands.
Hybrid Closing—Includes both digital and wet-signed documents. With this closing, the buyer gets to preview all of the closing documents digitally, but eSigns the majority of the closing paperwork.
For notarization with a hybrid closing, documents are signed and printed during a short in-person closing.
eNote Closing—Like the Hybrid closing, the buyer reviews all closing documents digitally and then eSigns the majority of the legal paperwork. However, the promissory note—the eNote—is also signed digitally.
Documents that require notarization with an eNote closing are also signed and printed during a short in-person closing.
Hybrid Closing—Includes both digital and wet-signed documents. With this closing, the buyer gets to preview all of the closing documents digitally, but eSigns the majority of the closing paperwork.
For notarization with a hybrid closing, documents are signed and printed during a short in-person closing.
eNote Closing—Like the Hybrid closing, the buyer reviews all closing documents digitally and then eSigns the majority of the legal paperwork. However, the promissory note—the eNote—is also signed digitally.
Documents that require notarization with an eNote closing are also signed and printed during a short in-person closing.
What are the Benefits of Remote Online Notarization
• Convenience! Closing can occur anywhere, at any time.
• Shorter Signing Appointments-Both the lender and the settlement company get immediate access to the completed loan package.
• Fewer Errors—With automation, there are fewer errors and fewer manual tasks.
• More Savings—Paper, including storage and shipping, are eliminated.
• Increased Security—With a RON closing, there is increased security and identification tools such as KBA biometrics and Multi-Factor Authentication (MFA) to ensure electronic transactions are secure.
• Shorter Signing Appointments-Both the lender and the settlement company get immediate access to the completed loan package.
• Fewer Errors—With automation, there are fewer errors and fewer manual tasks.
• More Savings—Paper, including storage and shipping, are eliminated.
• Increased Security—With a RON closing, there is increased security and identification tools such as KBA biometrics and Multi-Factor Authentication (MFA) to ensure electronic transactions are secure.
How Does a RON Closing Verify a Borrower’s Identity?
Because of the rampant fraudulent activity in the real estate industry, every transaction must be secure.
A Remote Online Notarization closing uses a multi-step process to secure and verify the buyer’s identity.
1. Knowledge-Based Authentication (KBA)—Borrowers are required to correctly answer a series of questions about their personal history such as previous addresses, the type of vehicles owned or previously owned. This is a required step for all RON sessions.
2. ID Verification—It’s required for all borrowers to upload clear images of their government-issued ID using their smartphone or a computer camera.
3. Visual Check—During the virtual closing, the notary must perform a final visual verification of the borrower against their government-issued ID.
A Remote Online Notarization closing uses a multi-step process to secure and verify the buyer’s identity.
1. Knowledge-Based Authentication (KBA)—Borrowers are required to correctly answer a series of questions about their personal history such as previous addresses, the type of vehicles owned or previously owned. This is a required step for all RON sessions.
2. ID Verification—It’s required for all borrowers to upload clear images of their government-issued ID using their smartphone or a computer camera.
3. Visual Check—During the virtual closing, the notary must perform a final visual verification of the borrower against their government-issued ID.
What States Have Passed the RON Law?
Virginia has passed this law and Lilly Title and Settlement makes use of it regularly. For the full map of the states that have passed the RON law, click here.
Whether you want a traditional closing or prefer one of the three digital type closings, Lilly Title & Settlement can accommodate your needs.
Expect prompt, professional attention to every detail, whether you are the buyer, seller, lender, or realtor.
We’ll make sure your closing is smooth. So you can enjoy your new home more quickly!
Whether you want a traditional closing or prefer one of the three digital type closings, Lilly Title & Settlement can accommodate your needs.
Expect prompt, professional attention to every detail, whether you are the buyer, seller, lender, or realtor.
We’ll make sure your closing is smooth. So you can enjoy your new home more quickly!
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