How Remote Online Notarization is Revolutionizing the Real Estate Industry

The traditional process of buying and selling property can be an arduous, time-consuming, and cumbersome experience. One of the most important aspects of the real estate transaction is the notarization of documents, which can involve a lot of back and forth between the parties involved. 

The real estate industry is one of the key areas where remote online notarization (RON) is being implemented. Gone are the days, when the real estate industry used to rely on in-person notarization for many documents, including deeds, mortgages, and lease agreements. 

However, with the advent of RON, parties can now sign and notarize these documents online, without the need for in-person meetings. With this advancement, The real estate industry has been transformed for the better. In this article, we will explore how RON is revolutionizing the real estate industry.

What is Remote Online Notarization (RON)?

Remote Online Notarization or RON, to put it simply is a process of notarizing a document online utilizing video and audio conferencing technologies to connect with a distant notary without even being physically present. This means Signers can use remote online notarization to execute papers without having to see a real notary.

• Remote online notarization is a technology-enabled process that allows parties to sign and notarize documents in a virtual environment, without the need for in-person meetings. 

• This process is facilitated by online notarization platforms, which use secure video conferencing software to connect parties with a notary public.

• The notary can then witness the signing of the document and apply their electronic notary seal.

Benefits of Remote Online Notarization for the Real Estate Industry

1. Increased Convenience and Speed

One of the biggest advantages of remote online notarization for the real estate industry is increased convenience and speed. 

• With RON, parties can sign and notarize documents from the comfort of their own homes or offices, eliminating the need for in-person meetings and travel.

• This can significantly reduce the time it takes to complete a real estate transaction.

2. Enhanced Security

• Another benefit of RON for the real estate industry is enhanced security. 

• Online notarization platforms use advanced encryption technology and multi-factor authentication to ensure that the notarization process is secure. This can help prevent fraud and protect against legal disputes.

• RON can help increase security and reduce the risk of fraud in real estate transactions. 

3. Increased Efficiency

• RON can also help increase efficiency in the real estate industry. 

• By eliminating the need for in-person meetings, parties can save time and resources. 

• Additionally, online notarization platforms can provide 24/7 notarization services, making it easier for parties in different time zones to complete transactions.

Success Stories of Remote Online Notarization in Real Estate

The success of RON in the real estate industry has led to increased adoption by real estate agents, title companies, and other industry professionals. In some states, RON has been legalized, allowing parties to complete real estate transactions entirely online. In other states, legislation is still pending, but RON is being used on a case-by-case basis with the approval of the relevant state authorities.

As the use of RON in the real estate industry continues to grow, it is likely that more real estate professionals will seek out online notarization platforms that can provide the convenience, security, and efficiency that RON offers. With the increased adoption of RON in the real estate industry, the transaction process is becoming faster, more secure, and more convenient for all parties involved.

Remote online notarization has already been successfully implemented in the real estate industry. For example, in March 2020, the National Association of Realtors (NAR) announced that it had completed the first-ever remote online notarization in real estate. This historic transaction involved the notarization of a property sale in Virginia, and it demonstrated the potential of RON to transform the industry.

In another example, a Florida-based real estate company, which specializes in investment properties, used RON to complete a $5 million transaction. The company was able to complete the entire transaction remotely, including the notarization of documents, using an online notarization platform.

Conclusion

Remote online notarization is revolutionizing the real estate industry by making the transaction process faster, more convenient, and more secure. The success story of an online notary in the real estate industry demonstrates the potential of this technology to transform the way we buy and sell property. As RON becomes more widely adopted, it has the potential to significantly reduce the time and resources needed to complete real estate transactions.