eClosing 201
Components of the eClosing Process
It is helpful to think of the closing as a process that consists of multiple components, including notarization options, working in synergy to provide a high-quality executed closing package for a real estate transaction. eClosings utilize a digital platform that gives users the ability to eSign and eNotarize documents remotely or in person, along with other important security functionality. The graphic below shows a representation of the process and each component.
*Due to platform capabilities, state law or regulation or all, electronic notarization and remote online notarization are not available in all areas.
To better understand how Pavaso’s collaborative platform connects all permissible parties, throughout the entire closing process, it is helpful to look at each phase of the process individually.
Lender and Title Company
- Deliver initial disclosures with acknowledgement documented in audit log
Signer
- Receipt of initial disclosures and eSigning, as required
Lender and Title Company
- Lender and title documents are consolidated
- Add documents through an integration or upload
- Designed to automatically place the appropriate signature placeholders onto documents
Signer
- Auto-generated email notification updates
- Access lender and/or title provided educational material and resources
- Review and confirm the accuracy of closing documents, before the closing
Lender and Title Company
- Notified of closing document review completion
- Supports all real estate closing options, delivering traditional, fully paperless and hybrid eClosings with in-person eNotary* (IPEN), remote online notarization* (RON), and remote ink-sign notarization** (RIN) solutions.
- Utilize your state-commissioned eNotaries and remote eNotaries
- Add pre-filled tags to documents during the closing, when needed.
- Standardize the closing process
Signer
- Set up a digital signature and eSign most or all documents
- Closings can be completed in as little as 15 minutes
*Due to platform capabilities, state law or regulation or all, electronic notarization and remote online notarization are not available in all areas.
**Users should consult laws, regulations, and Executive Orders applicable to each signing session. Users are solely responsible for all steps necessary to ascertain, determine, meet, and verify compliance with all applicable orders, laws, regulations, rules and requirements governing any notarial or other execution of writings facilitated in whole or part through Pavaso’s Essential Notary™ or any other Pavaso technology.
Lender and Title Company
- Final closing package and audit log available to permissible parties, moments after closing
- Safeguards to ensure all digital signatures are captured
- eDeliver an executed eNote to an eVault to be eRegistered
- Access the RON video recording, when applicable
- Post county recorded documents can be uploaded to maintain an electronic copy of them
Signer
- Access executed documents securely on the platform any time after closing