Virtual video closings keep mortgages and Real Estate transactions flowing during the COVID-19 pandemic.
As the coronavirus (COVID-19) continues to spread, it has become challenging to close a real estate transaction, especially for those thousands of buyers and sellers who are planning to close their transactions over the next few weeks or even months.
Why Do We Need video Closings for Real Estate and Mortgages?
The closing process requires documents to be signed and commissioned in front of a lawyer or a commissioner of oaths, which presents an issue when people are quarantined, stuck abroad due to travel restrictions, or simply cannot travel to the lawyer’s office due to quarantine or closure of the office.
As of March 16, 2020, the Law Society of Ontario has issued a special bulletin to allow remote commissioning of documents as a special measure to deal with the disruption caused by COVID-19. In addition, title insurers and some lenders have indicated flexibility given the situation.
Deeded has invested in virtual signing technology that allows clients to securely sign their documents from the comfort of their home. All they need is a computer, an internet connection, and a smart phone. There’s no need to print, courier or scan documents.
This technology allows us to securely present documents, have them signed and witnesses in real-time, and record the entire interaction for security purposes.
How Do Virtual Signings Work?
Step 1 – Scheduling The Signing Appointment
Clients will receive a calendar meeting invite with a link. The session takes place live and can be scheduled at a convenient time. All individuals who are signing need to attend, but they do not have to be at the same location.
Step 2 – The Virtual Signing
All parties will be able to see each other on a live video stream. The lawyer will explain the entire process and will ask each signer to identify themselves and show photo ID. Clients will
Each document to be signed is presented on the screen, explained, and is signed on the screen by each party. If the client does not have a touch-screen device, a SMS or email can be sent to their mobile device and they can sign on the surface of their mobile device using their finger or stylus.
The lawyer or commissioner will also sign where applicable.
Step 3 – Security Protocols
Throughout the meeting, the audio and video of the conference is recorded along with the documents being signed. A secure audit log is used to confirm items such as the signer’s location and identification. The video is stored on servers offering bank-grade security.
Step 4 – Final Documents Distributed
As soon as the meeting is complete and parties sign off, the final electronic version of all signed documents is distributed securely for everyone’s records.
Preparing for Your Virtual Signing Appointment
Make sure you have your laptop, tablet and mobile phone ready and that you have a high-speed internet connection.
Have all signing parties bring picture ID to the Virtual Signing appointment
Ensure all parties signing have the calendar invite and meeting link
Log into the Virtual Signing session on the scheduled time
Ensure only those parties who are signing are in the room, or if there is someone else in the room, that person’s identity would be noted, and possibly they would be asked to leave the room
If you are interested in using a video closing on your next real estate closing or mortgage transaction, our Deeded Team is ready to help you get started, to obtain a quote, please click here.1