There’s A Better Way To Conduct Closings In NY
Real estate closings in New York can now be held virtually via remote online notarization
New York Executive Law 135-c permanently authorized Remote Online Notarization, or RON, which allows qualified notaries to sign and notarize documents remotely using approved online platforms.
In plain English, the time and expense of in-person real estate closings is now a thing of the past because deeds, mortgages, notes, affidavits, certifications, etc., that are executed via RON have the same legal weight as wet ink signatures.
How Remote Closings Work
Step 1
Lenders and/or borrowers retain The Donaldson Law Firm, PLLC as settlement agent
Once the file is cleared to close, the Closing Disclosure is finalized
Instead of scheduling an in-person closing, our office schedules RON sessions with borrowers and sellers via our secured online platform*
The entire loan package, deed, NYS/NYC transfer forms, title affidavits, etc., are uploaded into the online platform
On the day of closing, all signers verify their identities via Knowledge-Based Authentication (KBA) or Biometric features which offer a higher level of fraud prevention compared to in-person closings
Once verified, our office ensures the entire loan package and all closing papers are properly signed and notarized - the entire process takes less than thirty minutes
Realtors, lenders, family, and friends can virtually observe RON sessions
Step 2
Our office provides the fully executed loan package to the lender and the final deed, transfer papers, and mortgage are emailed to the title company for recording
Our office emails copies of all documents to the signers
Loan proceeds are wired per instructions provided by purchaser’s attorney (certified checks can be issued for a nominal fee)
Upon receipt of sale proceeds, keys to the property are delivered to the purchaser
Closing is complete!
Step 3
Benefits of Remote Closings
Reduced settlement agent fees - NY Remote Closings offers a $899 settlement fee for remote closings
Loan processors and brokers can join RON sessions to ensure all docs are properly executed rather than waiting for executed documents to be uploaded or emailed after closing
Allows borrowers and sellers to sign all documents from their computers rather than traveling 30+ minutes to a settlement agent’s office facilitates the closing process overall
Improved Efficiency
RON participants are verified by Knowledge-Based Authentication or Biometric features
Compared to visually verifying IDs during in-person closings, KBA and Biometrics provide an additional layer of fraud protection
KBA verifies a user's identity through questions only they should know, like personal information or transaction history, which prevents unauthorized access
Biometrics, a/k/a seamless selfie liveness verification, is a security measure used to protect against identity spoofing or fraudulent attempts to use fake photos or videos for authentication purposes.
This process involves comparing a real-time selfie, taken by the user during the authentication process, with the portrait on their official ID document.
Increased Fraud Protection
To help put our clients’ minds at ease, The Donaldson Law Firm, PLLC carries a $1,000,000 errors and omissions policy that includes all notarial acts, including notarizations conducted via RON
The Donaldson Law Firm, PLLC, also carries a $1,000,000 fidelity bond
Remote Closings Are Insured
21st Century Closings Are Now Here
47 states and the District of Columbia have enacted laws authorizing remote online notarization. It’s time closings in New York caught up not only with the law, but with the rest of the country.
Because RON is now a reality in New York, there’s no longer a need to incur the unnecessary time and expense associated with in-person closings.
*The Donaldson Law Firm PLLC subscribes to BlueNotary.com for remote online notarizations. The BlueNotary platform satisfies all of the requirements within NY Executive Law 135-c and is an approved RON platform for all major title insurers.