What is a remote closing and why would I do it?
By RealtyCrunch Inc•May, 5th 2020
Remote closing is where the entire closing process can be conducted remotely instead of at the closing table.
Before your closing date, your real estate agent would send you physical copies of the contract and addendums. Once you review them, you need to sign them (in the presence of a notary) and then send the paperwork back to the agents. Your agent will then take the paperwork to the closing on your behalf.
Why buy a house remotely?
- You live out of state and don’t want to travel back and forth
- You have other obligations that limit how much time you can spend on the closing
- You’re a real estate investor who wants to buy in a different type of market.
Pros of a remote closing
- Avoid costly travel expenses if moving out of town
- Free up time if you have a very busy schedule
- Don't have to coordinate schedules as closely
Cons of a remote closing
- Harder to coordinate with all the parties involved in the transaction
- Can add additional cost
- Have to rely on someone else for the final walk through
- Very little explanation of the documents you are signing while using a regular notary