How can technology streamline the real estate closing process?

During most transactions, hundreds of document pages and over 75 signatures are required. Thankfully, closing technology can streamline the process by utilizing OCR for field extraction to avoid duplicate manual data entry. A digital document center is also a great solution for storing transaction documents, such as contracts, disclosures, title reports, and appraisals. They are all stored in one place, allowing users to easily access, download, and share them at any time.

Regular Check-Ins: Schedule regular check-ins with all parties involved to review progress and address any potential issues. Document Everything: Maintain detailed records of all communications, decisions, and changes to avoid misunderstandings.

A tech-enabled closing platform streamlines communication between all parties, as automatic reminders are sent to each responsible individual, and they can quickly access transaction documents as needed. This proactive strategy allows the closing team to respond to customer inquiries and offer support via phone, email, or live chat. It ensures that everyone can focus on their tasks instead of waiting for instructions on the next steps.

Verifying information in real estate transactions is vital, as this information is oftentimes particularly sensitive. Employing two-factor authentication is one way to protect sensitive information and ensure that only authorized parties have access. Furthermore, payment details and wire instructions are exchanged within the secure web-based application rather than via email - adding a layer of security and efficiency to transactions.

Storing and accessing documents securely in the cloud enhances accessibility and reduces the risk of document loss or damage.

Technology can expedite and simplify closing transactions, saving time and maximizing convenience. For example, E-signing tools allow you to conveniently review documents on the go and sign from virtually anywhere. Buyers and sellers can easily schedule a mobile notary or, in certain states, use remote online notarization (RON) to sign closing documents online. Additionally, wire transfers provide a secure method for sending and receiving funds during the closing process.