The first e-closing took place at the Mueller's kitchen table in Illinois while the lender was in Michigan and the Notary in Virginia -- all made possible by digital technology created by Arlington, Va based Notarize, an online notary, who made this possible.
Borrowers are used to sitting down at the table with their closing agent passing papers around the table signing document after document. Not any more, closing online for the Muellers was easy. After completing the authentication process by identifying questions asked of them that only they could answer and holding up their driver's license to the web camera, they were off and signing. The closing took a half an hour, about the same time as it would have taken in person, but not travel time involved.
Today with buyers looking at and purchasing property online, why not take the next step and close online. A good example would be a buyer from Michigan or Ohio purchasing property in Florida for their winter getaway. Now there is no need to pay for travel just to close and it's even quicker for the lenders in getting their paperwork together.
"As for the dramatic moment during the closing when the keys to the house are passed to the new owner - that will likely be replaced by a visit from my your real estate agent."