SHOULD YOU OPT FOR A DIGITAL CLOSING?

Digital Closings have been popular in recent years, especially as technology has evolved. They are anywhere with a secure internet connection using only your computer or mobile device. And while this can be great for busy buyers or those purchasing from afar, Digital Closings aren't. Are you planning to buy a home soon? Here are some considerations for digital and in-person closings. 

What are the options for closings?: You can do a traditional closing where you go to your lender or title company to sign your documents, which allows you to sign some documents digitally and some documents in person. 

What are digital closings like?: As with a traditional closing, you'll sign your paperwork–but it will all be done digitally and typically via video. A remote notary, who is authorized to notarize your documents in the same manner, will also be on the call.

What are the pros and cons of a digital closing?

Pros: You can close on your home from almost anywhere and (often) at any time. You'll save on travel costs and time (particularly if you're buying from another city or state). 

Cons: Digital Closings might not be a smart option if you don't have access to a secure and reliable Wi-Fi connection. Additionally, remote notarizations aren't legal or available everywhere; if you're buying in a place where they haven't been approved yet, you'll have to do a traditional or hybrid closing. 

This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below: 📧 kevin@kmckernan.com  | 📞 718-317-5007