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How do online or remote closings work?

On Behalf of | Oct 14, 2022 | Real Estate Closings

Buying a home is an exciting step, but the process of actually obtaining ownership can be quite complicated. There are many steps between making the decision to buy and walking away with the key to your new house, and the last of these steps is the closing. The closing is the legal procedure of transferring ownership of property, and it often involves signing copious amounts of paperwork. Traditionally, the closing took place in an office setting with various parties present, including the buyer, realtor, attorney and others.

However, it is becoming more common for the closing to take place remotely. This means that you will be able to close on the purchase of your new Texas home via video conference call or other format. It will be in your interests to learn more about what to expect from a remote closing and how you can protect your interests at every step of the home-buying process.

The benefits of a virtual closing

A remote closing, also called a virtual closing, is one in which you will sign all required paperwork electronically, and your identity will receive electronic verification as well. There are many benefits to a remote closing, including allowing you to remain in the comfort of your own home, something that could be especially important if the house you are purchasing is in a different city or state. You will have to complete certain tasks electronically, and you will meet with the other parties involved via conference call format.

There are different types of remote closings. With a hybrid closing method, you can still do many of the required steps remotely, but you may have to meet a notary in person to complete the process. There is also the option for a remote online notarization, which would eliminate the need for you to complete any step of the closing process in person. The ideal route for you depends on state laws and other factors specific to your situation.

Representation and protection of your interests

At every step of the home-buying process, you will benefit from taking steps to protect your interests. Even during a remote closing, you can find it helpful to learn how you can complete the process with minimal complications and avoid issues that could increase your risk for financial loss or additional legal requirements.