The pandemic has unquestionably changed the way we work, travel and shop. It has also changed the way we purchase homes. Over these many months, the real estate industry has also had to adapt to a new way of working. As pandemic restrictions subside, many of these adaptations remain, largely for the better. This includes virtual closings.
Traditionally, closings were in person at a mutually agreed upon location and all documentation prepared for the closing would be reviewed and signed by the present parties, whether it be a property transaction or a refinance.
If you are a homeowner and will be conducting a closing virtually, or you’re a real estate agent assisting a buyer with a virtual closing, these tips will come in handy as the day approaches.
You should choose a device that will allow you to view documents clearly, and also has a working camera and microphone. Most folks will leverage an iPad or other form of laptop for their closing as well as a desktop if they have the camera and microphone set up.
Smartphones may be suitable, but the screen size can make things hard to read and cumbersome. Try and avoid reliance on your smartphone on closing day.
Additionally, ensure that the audio and video functions are working and/or enabled and ready to go for closing day. Most devices have privacy settings that you can enable leading up to the time of your closing to help move things along. Last minute tech issues can add unnecessary frustration and anxiety that can be easily avoided.
Closings have a lot of steps and unreliably internet, lagging, and spotty audio can really slow things down and create opportunities to miss information.
Ensure you are at a location with a reliably strong and fast internet connection. The programs used to stream closings, as well as screen sharing and video, can take up quite a bit of bandwidth. Try and avoid public wi-fi which is often inconsistent and not as fast as a home connection. Also try and disconnect any other devices that use up internet bandwidth.
Always ensure you have identification on hand in the event that it is required. You should also have any documentation you have that has been generated in the lead up to your meeting available or already open on your device for quick reference. This will help speed things along and allow for a smooth transaction.
Come settlement day, ensure that you have access to quiet space to ensure there are no distractions or issues hearing the proceedings. If you have pets or children, do your best (believe us, we understand both can be loud and unpredictable!) but try and control what you can, such as outside noise, music/tv in the background, etc.
You will also need to be prepared to be on camera. With this in mind, consider attire and background for your closing that meet your own expectations. In other words, don’t be caught off guard and suddenly feel compelled to change and/or tidy up at the beginning of the meeting. Simply come prepared and comfortable with your appearance/surroundings.
Be prepared to celebrate! In most cases, a real estate transaction is a big milestone. Just because you are not physically out signing your paperwork doesn’t mean you can’t toast your accomplishment. Many folks opt to head out for a round of drinks and/or dinner after a home purchase or race over to their new property with a bottle of champagne. And you certainly can! Whatever you decide to do to celebrate, don’t let a virtual closing take that away from you.
Principle Abstract has been conducting virtual closings along with in person closings throughout the pandemic and see them as part of the norm going forward.
If you have any questions about virtual closings or wish to get started on a real estate transaction or refinance, contact our office today and a member of our staff will be able to assist you.