The transaction, which was executed using NotaryCam’s eClose360 e-closing platform, was performed on behalf of a couple currently located in Colorado and selling their property in Longview, Texas.
“We started conducting remote online closings on the seller’s side first because that was something we could do immediately without having to wait for the lenders to be ready,” explains Celia Flowers, owner of East Texas Title, in a release. “What was really important to us was to stop mail outs because when you’re mailing documents to people, they can get lost. They might not sign in all the right places and then send back incorrectly executed documents, which really holds up the transaction. With remote online notarizations and closings, it’s instant, and the documents are signed correctly.”
In addition to the sellers, a NotaryCam-trained Texas signing agent, the closer from East Texas Title, another representative from East Texas Title and NotaryCam’s director of notary operations were present for the transaction via the platform’s live video feed.
In accordance with Texas law, all documents were signed and notarized and made accessible to East Texas Title immediately, with the full transaction taking less than one hour.
“Historically, we would have had to ship the documents to sellers in Denver and then wait for them to return the documents before we could complete the closing,” Flowers says. “By closing remotely with NotaryCam, we were able to complete the seller’s side of the process the same day. The sellers thought it was great because they didn’t have to find a notary and could do it all online. The husband had some health issues so it was nice that he was able to be comfortable at home. The wife came in just as we were starting because she didn’t have to leave work to go find a notary. For them, the convenience factor was a huge plus.”
“The business case for remote online notarizations and closings is as clear today as it was back in 2012 when NotaryCam was founded,” says Rick Triola, founder of NotaryCam. “Without the remote option, this couple was facing hundreds of dollars in extra expenses, not to mention extreme inconvenience, simply to complete the sale of their home. Having completed more than 130,000 remote online notarizations, we speak from experience when we say, ‘There is a better way.’”
In July 2018, Texas became the third state to allow its notaries to perform remote online notarizations (RONs) nationwide, which is a critical component to the full ROC transaction.
Today, Virginia, Montana, Texas, Nevada, Vermont, Minnesota, Michigan, Indiana, Tennessee and Ohio have all passed some form of RON legislation.