For generations, the closing day meant signing seemingly endless documents to finalize the deal. Now real estate agents have access to cutting-edge tools that help save time and effort. The days of having a sore writer’s hand after closing are over. Discover seven benefits of having clients sign documents online before a closing.
Review the Terms
Buyers sign a myriad of documents to secure a mortgage loan and purchase a home. Some of these essential documents include a promissory note, mortgage, and deed of trust, initial escrow disclosure, and an array of supporting papers. Generating the paperwork digitally allows the parties to review the terms and necessary information for total accuracy carefully.
Signors should make sure all names, social security numbers, and addresses are accurate. Help your clients verify important terms such as the amount owed on the mortgage loan, the interest rate, inclusions and exclusions, rights and responsibilities, and the money to be held in escrow for the closing day. Any questions or inaccuracies can be addressed before everyone gets to the closing table.
Reduce Closing Time
Experienced real estate agents remember when it took hours to close on a property. Sitting down to complete the paperwork often took up to three hours. Buyers expect their agents to be present, which means enduring the lengthy process to seal the deal. Having clients sign documents online can save everyone hours of time spent shuffling through paperwork to find the signature lines.
Clients might be able to sign all or part of the documentation before closing. Work with the other parties to complete as much paperwork as possible ahead of time. Verify the email address of your clients, and follow-up to make sure they receive all the papers to be signed. Be prepared to answer questions to keep the process moving forward.
Eliminate Rush Preparation and Delivery
Each real estate deal follows its own unique timeline. While an agent can make reasonably accurate estimates about timing, there are always variables to consider. One of them is preparing revised paperwork for the approval of all parties. In days gone by, an expensive courier was the best way to handle rush jobs.
With the advent of technology, offices started faxing revisions, but often this was unreliable. Missing pages left gaps in the process. Handling rush preparation and delivery online costs less money and takes a fraction of the time to complete. In minutes, updated paperwork can be received, processed, and signed.
Minimize Closing Day Paperwork
Heavy briefcases, endless sticky notes, and a large table to organized piles of documents were once an integral part of closing day. Agents, attorneys, and clients all got ready to process hundreds of pages in as little time as possible. By the end of the day, the buyers had tired hands from writing their names so often.
Having clients sign documents online minimizes the amount of paperwork needed at closing. Everyone has an opportunity to read and understand what they are signing. Documents are signed in a secure online environment to keep the process streamlined and organized. Instead of keeping up with a paper chase, everything is put together with the highest level of efficiency.
Compliance is crucial to close on a property legitimately. All regulations must be followed for a valid transfer of property. Maintaining paper files leaves room for errors. Papers can be lost, altered, overlooked, and inaccurately completed. Outdated documentation might need to be redone and refiled.
Digital documents are readily accessible to be reviewed by all parties at their leisure. As a result, no details are overlooked. Online files are well-organized so all parties can check the documents with just a few clicks. Minor corrections can be done on-the-spot. More detailed revisions take hours to finish rather than days or weeks.
Handle Business On-the-Go
Successful real estate agents are often multi-tasking to stay on track. Handling business on-the-go helps agents save time and become more profitable. Online closing documents are accessible anytime and anywhere. An agent can quickly review revisions while attending an open house for another potential client.
Plus, everyone else benefits from having closing paperwork available on the cloud. Attorneys, buyers, and sellers can all access the documents from any device and location in real-time. This level of communication can help finalize a deal in less time than expected.
Closing Without Being Present
One of the most notable benefits of having clients sign documents online is they may not need to be present at a physical closing. Nearly all countries deem e-signatures on real estate documents to be legally binding. People who are out of the state or live in another country can close on a property without traveling.
National and international clients save time and money by signing closing documents online. Plus, the closing can be scheduled without coordinating several schedules and thinking about travel delays. Now deals made from afar can close as quickly as local ones. Even if the clients are not present, agents should send a small housewarming gift to stay in touch. Affiliated Better Homes and Gardens® Real Estate agents can choose from all types of high-end, branded swag to remind the clients who make the deal possible. The way agents approach closing day has changed dramatically over the past few years. Explain to clients the advantages of signing documents online before the big day arrives. Everyone will be grateful when they don’t have to spend all day at the closing table. And, real estate agents who exceed their clients’ expectations are sure to get more referrals.