March 19, 2020
Ivy Pointe Title is actively pursuing Remote Online Notarization (“RON”) in order to effectively and conveniently conduct closings during the COVID-19 crisis.
What is a Remote Online Notary (RON}?
First, understand what this revolutionary technology means: With e-signature and e-notary, original inked documents will no longer be required; everything can be signed through on-line execution. A buyer on his computer in one place can sign all of his closing documents, including the mortgage and other documents that need to be acknowledged (notarized) in his living room or home office, with a remote notary public sitting at a desk in another location. Similarly, a seller sitting in his kitchen at home can sign the deed and have it acknowledged (notarized) by an on-line notary sitting at his desk in another location. The Seller can likewise sign all of his other closing documents from his living room. Disbursements can be via wire transfer, mailed or hand-delivered checks. In other words, every single document (including the deed and mortgage) can be signed by a party without leaving his home, and without a notary public physically (but rather virtually) present.
Where are we today?
We are in discussions with our underwriters, lenders and Realtors to comply with all RON laws, mandates and edicts. Rather than being “first” to the table with this ground-breaking technology, we want to make 100% sure we can do this correctly when we do launch.
We will keep you informed of each step as we navigate these new uncharted waters. In the meantime, check out this new American Land Title Association (“ALTA”) bulletin: https://www.alta.org/news/news.cfm?20200317-ALTA-Industry-Partners-Develop-Draft-Bill-to-Permit-RON-Nationwide
Expect more updates from us shortly.