THE FUTURE OF DIGITALLY BUYING AND SELLING HOMES IS FINALLY HERE!
We have all been there. The struggle of having to locate a notary public, scheduling a time to meet and coordinating witnesses can be time consuming, inconvenient or sometimes impossible for many, depending on whether the individual resides in or out of state. Recently, Remote Online Notarization (RON) was signed into law, by Gov. Ron DeSantis, in the state of Florida. Florida is one of more than 20 states to allow the use of audio and video communication by signers to notarize signatures for documents. The new law has taken effect on January 1, 2020.
The new law is quickly gaining popularity in the closing and real estate area of practice. Closing agents and real estate attorneys will find RON to be extremely convenient when executing documents. The new process no longer requires singer to engage with notaries to personally meet for signature purposes. Real estate attorneys and closing agents will be able to execute and record deeds and mortgages in the official records without the requirement of paper copies of the documents. Parties to real estate closings find it difficult, at times, to physically be present at the closing table. This can lead to many efforts of back-and-forth with paperwork to ensure closing documents are executed and returned to the closing agent on time. RON will cause the remote closing process to be less encumbersome while providing a reduced chance for errors, such as misplaced or missing signatures or pages. Electronic copies will be available to all parties to the transaction immediately, without delay upon filing.
RON provides benefits to both buyers and sellers in terms of convenience. They will be able to use their smart devices to connect with notaries for the purpose of verifying their identity by showing a government-issued photo ID by video and speaking with the notary to answer questions. Buyers and sellers will also have the ability to sign documents by using a stylus or their fingers on their smart devise’s screen to complete the process. The biggest benefit will come to those buyers and sellers who reside out of the state. These individuals usually have difficulty executing and delivering documents to the state for a closing.
The new law has also changed the certification requirements on the notary form. Notaries are required to complete an application for RON and fulfill the training requirements in order to have authority to perform online remote notarizations. All electronic notarizations performed on or after January 1, 2020, is required to be in compliance with the standards adopted by the Department of State. Under the new law, when a notary is filing out a notarization certificate, he or she must select the new certificate wording, which is required to indicate whether the signer appeared in person or by audiovisual communication for the notarization. There is a possibility of running the risk of the notarization resulting in rejection if proper certificate wording is not compliant starting January 1, 2020.
Contact a Proven Real Estate Lawyer Today for Assistance
If you have questions or concerns prior to making a real estate purchase or proceeding with an investment opportunity, it is important for you to seek legal guidance from a skilled real estate lawyer as soon as possible. Contact our office today for help.