If you are reading this and wondering during the age of COVID, why every real estate closing isn’t being done electronically, you are not alone. The technology has been in place for quite some time, and in my company’s case, since early 2018. I remember it being a huge craze and us ramping up getting our “e-Notaries” and learning how to conduct the full e-Closings, only to have it really not happen the way we envisioned. Let’s talk about electronic closings and the different versions.
One weird issue in our business that we deal with is how to get an earnest money deposit check to a Title Company. In some states, real estate offices hold the EMD, but due to potential liability issues, the trend has moved to the Title Company holding EMD checks. In the past, we have always had clients drop off checks, mail them in, wire the money, or yours truly would drive to the Realtor’s office and pick them up. In the age of being able to scan or take a picture of checks and have them deposited into bank accounts–something had to be done to make things easier for our Realtor clients.