Escrow Mail Away Closings and Remote Video Webcam Notarization Closings
As we begin our third week of navigating new challenges, we want to bring you updates on our progress on the new ways we are doing business and closing transactions.
But, first and foremost, we want to take this time to wish you, your loved ones, colleagues and clients good health, safety, and success. As April ushers in the start of another month of mandated isolation for most, it is important to reflect on the physical and emotional well-being of ourselves, colleagues and clients at this time. We at Abstracts Incorporated are here to help in any capacity.
We are pleased to announce we are closing all of our transactions in a new and convenient way during this health crisis.
We are working closely with our clients and underwriters to offer you the flexibility you and your clients need during these times. We are able to process new applications and have access to all our files, even though our entire firm is now working remotely. We have worked with our banking partners to make sure that we can initiate wire transfers remotely to allow closings to continue.
As necessary, we are attending closings, but we are working with everyone to keep in-person closings to a minimum with only the absolute necessary parties in attendance. We are using Powers of Attorney, Escrow Closings, and Remote Webcam closings to limit travel and in-person meetings. We want to do everything we can to help stop the spread of COVID19.
Escrow Mail Away Closings
Many closings are currently taking place as escrow mail away closings:
- Seller pre-signs deed, transfer tax forms and title affidavits and documents are sent to us to hold in escrow.
- Lender documents, if applicable, are signed by borrower and recordables are sent to us to hold in escrow.
- Once parties are in receipt of all other documents and seller receives funds, authorization to release documents for recording will be sent to our office.
Remote Video Webcam Notarization Closings
We have set up remote video webcam closings pursuant to New York’s Governor’s Cuomo recent Executive Order 202.7
. These procedures have been approved by most of our national underwriters. The Governor’s Executive Order is set to expire on April 18, 2020, however, we fully expect it to be extended through the conclusion of this crisis.
- Once the file is scheduled our closer will contact the seller and the borrower to schedule a video webcam closing.
- After the seller is in receipt of the documents from their attorney our closer will schedule a remote video webcam signing and will notarize seller documents and send to us to hold in escrow.
- Our closer will contact the borrower to schedule a signing. Once the borrower is in receipt of documents from bank attorney our closer will video chat during signing process and will notarize all documents.
- Seller and Borrower will send documents to closer via overnight mail to apply a wet notary signature.
- Closer will send documents to bank attorney.
- Bank attorney and purchaser’s attorney will send funds to seller attorney to consummate the transaction and we will be authorized to record documents.
The recording process is continuing as normal since most downstate counties are still open and allowing e-recordings (Electronic recordings).
We are also able to run continuations for closings in every county.
If you’re interested in speaking with any of us regarding the above, please do not hesitate to contact us. We are working our normal business hours. Our email servers are running, and our voice messages are being sent to us immediately.
We look forward to business returning to normal in the future, but we are committed to utilizing all the tools available to us in the meantime to support our clients.
We will continue to send updates as the information is rapidly changing.