We at Abstracts, Incorporated hope that you, your family, and your co-workers are doing well during this uncertain time.
This is an update on our firm and the many changes to real estate closings that we foresee during the upcoming weeks.
First, please know that we are open for business. We are able to process new applications and access all our files, even though our entire firm is now working remotely. We are also able to run continuations for closings. We have worked with our banking partners to make sure that we can initiate wire transfers remotely to enable 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 Video Notary (see below) to limit travel and in-person meetings. We want to do everything we can to help stop the spread of COVID19.
The governor has recently signed an executive order permitting notaries to conduct closings by video conference and we will be implementing them as a resource.
FOR COMMERCIAL TRANSACTIONS AND RESIDENTIAL PURCHASE TRANSACTIONS:
The closings are currently taking place as commercial escrow 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 is sent to our office.
FOR MORTGAGE ONLY TRANSACTIONS:
We are in the process of setting up video closings pursuant to the recent order of Governor Cuomo:
- Once the file is scheduled our closer will contact borrowers to schedule a video closing.
- After the borrower is in receipt of documents from bank attorney our closer will video chat during signing process and will witness all document signing.
- Borrower will send documents to closer via FedEx to apply a wet notary signature.
- Closer will send documents to bank attorney.
We are working on setting up video closings for residential purchase transactions as well.
Recording of documents is also very important to our industry. Most counties are still open and allowing e-recordings (Electronic recordings)
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.