Remote/Virtual Closing
Recent changes to global businesses have seen a surge in remote closing and virtual closing options in real estate transactions. The experts at Zinati Kay – Real Estate Lawyers have adopted similar procedures to make the closing process seamless and safer for all clients involved.
What Is a Remote Closing?
Remote closing on a house sale is commonly referred to as a virtual closing due to the electronic preparation and signing of documentation. The only difference between a remote closing and a traditional closing is all communication, documents, and financial transactions are managed electronically with no in-person meetings.
With a remote closing, the essential identification verification of the parties can be done virtually, documents receive e-signatures, and monies are transferred via wire or email transfers. This form of closing on a house sale has been done over the years when one of the parties live in another province or country.
How Does Remote Closing Work?
In cases where a full remote closing is required, communication between the team at Zinati Kay – Real Estate Lawyers and the client will be done with telephone, email, and virtual conferencing.
Although Ontario real estate lawyers can act only on transactions in Ontario, with remote signing, it does not matter where the buyer, seller, or borrower is at the time of the signing. So long as the lawyer can have an electronic or virtual meeting with the client and confirm identity and signature and all documentation, the client can be anywhere in the world at the time of closing and signing.
Ontario Remote Signing Protocol
At Zinati Kay – Real Estate Lawyers, we follow all Ontario laws and protocols. In Ontario, the remote signing protocol is set by the Federation of Ontario Law Associations and the Ontario Bar Association. The protocol regulates the complaint process along with the Law Society of Ontario’s virtual commission guidelines. The process includes:
Video Conferencing
Video conferencing (VC) can be conducted via a computer, laptop, or smartphone. The audio and video components require the highest standard of quality for clear communication.
Document Scanning and Transmission
Document scanning and transmission can be done by uploading documentation via computer, laptop, or smartphone. In cases where the clients cannot access the documentation, the papers can be couriered to the client from Zinati Kay – Real Estate Lawyers.
Virtual Commissioning
Virtual commissioning offers legal confirmation of the signing papers and any related declarations with audiovisual methods.
Electronic Signatures
Electronic signatures are acceptable for legal documentation as Zinati Kay – Real Estate Lawyers will have a hard copy of the signature on-hand for comparison. Through video conferencing, the lawyer can also witness the client signing the documents.
Virtual Closing
Virtual closing on a house can be performed once the client receives all necessary documentation via the computer or couriered hard copies. A video call will be conducted to discuss final closing remarks and signatures. Completed documents are scanned or couriered to the offices of Zinati Kay – Real Estate Lawyers.
Documents Needed for Virtual/Remote Closing on a House
The majority of the closing paperwork lies in the hands of the buyer’s lawyer. This can entail mortgage documents, sales agreements, proof of title search, and proof of homeowner’s insurance. The seller will need to handle the closing statement, closing disclosure, affidavit of title, deed, and bill of sale.
Highlights of Virtual/Remote Closing
Virtual/remote closing procedures offer a variety of benefits, including no-contact service. In addition to providing a physically safer environment, remote closing is convenient and more economic with no travel time to and from the real estate lawyer’s office. It is also easier to schedule online time with interested parties than to physically bring people into an office setting.
Virtual closing procedures allow all parties to have more time to review the documents to ensure all concerns are addressed before the final signing. This reduces the risk of errors.
Contact Zinati Kay for Remote/Virtual Closings Buying & Selling
Zinati Kay – Real Estate Lawyers understand and appreciate the complexity of the closing procedure for both the buyer and seller. All of our real estate transactions have fixed closing costs and any additional costs are disclosed before the process is started. Our goal is to help you navigate the real estate process. Contact us to inquire about our services and to get a quote.