Digital home closings are now available to clients anywhere in the world as long as the notary is commissioned and physically located in a state that authorizes the use of online tools.
Virginia was the first state to authorize online notarization platforms in 2011. Today, Florida, Texas, Ohio, Michigan, Minnesota, Arizona and Utah have authorized remote notarizations via audio-video technology and those notarizations are serving some 38 states and growing as this piece is being written.
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The National Association of REALTORS®, Realogy and Lennar Builders are strategic investors in Notarize.com and real estate outfits such as Redfin, Fannie Mae, Freddie Mac and Merchant’s Bank of Indiana, as well as law firms, private wealth management companies, auto insurance companies, commercial construction firms and financial service firms are utilizing the Notarize.com API.
This is how Notarize.com works:
- Upload a document from your computer, iPhone, or Android
- Access the document(s) from an email, take a photo of the document on your phone and then use a cloud storage services such as
- Prove your identity with a government issued identification card, such as a driver’s license or passport, Social Security number.
- Take a photo of that government issued cared, answer a couple of questions and then com will confirm your identity using its patent-pending forensic analysis tool.
- Connect with a live notary agent via a live video to sign the document. The agent will confirm your identity, witness your signature and provide any necessary assistance. Each transaction receives ID verification and an audit trail.
- Save and share your notarized documents via a secured com account.
Like all online services, Notarize.com closings, e-signatures, etc. are available 24/7 and can be used for mortgage applications, HELOC, re-financings, cash deals and iBuyer transactions. One important detail…make sure to double check with Notarize com to make sure that the state in which the transaction is taking place is on the list to ensure that the online notarization platform is approved by your specific underwriter.
The cost of one online transaction with notarize.com varies between approximately $75 – $150, depending upon the complexity of the transaction. The amount of time involved in this digital online transaction is approximately 15 minutes. Security is estimated to be 10 times that of an in-person transaction.
Thanks to Michael Chodos writing for realtor.com for source material.