The self isolation and quarantines of the coronavirus/Covid-19 pandemic creates challenges and disruptions, including in real estate. The title and mortgage industries are putting forth efforts to overcome these challenges.
Remote Digital Closings May be Available Soon!
A major effort is underway from title underwriters, legislatures, and administrative agencies to allow “Remote Online Notaries,” (RON) in Wisconsin. This would allow for fully remote, digital closings without the need to leave home. While it would primarily be available to Sellers, some Buyers can also sign remotely.
Buyers with a loan will need their lender approval to conduct a fully digital closing. Lenders have many considerations and challenges, including investors, underwriters, mortgage insurance, and legal issues. Some may not be able to offer this service right away and others may allow only certain documents to be signed digitally.
Homestead Title is already conducting digital, remote closings for “Cash” Buyers (where none of their documents are notarized and there is no lender).
Look for important updates on Digital Closings in the coming days.
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