As things evolve with COVID19, the same is happening at the State level. Effective March 30, 2020, the Governor of Colorado has issued an emergency (but temporary) Executive Order suspending the current requirement that persons physically appear in front of a notary, in order for a document to be notarized. The Order is being instituted to try and assist with non-contact closings and to assist our industry with keeping people safe from COVID19.
Now that the law has changed, which we anticipated would happen, Homestead Title has created two distinct options; the Virtual/Hybrid Closing and the RON (Remote Online Notary). The former is a combination of Video Conferencing combined with “wet signatures of documents” and the latter is a fully electronic closing without any “wet” signatures. We are setup to do both types via platforms like Zoom, Notarize and Pavaso. With that said, in order to successfully facilitate a closing of this nature, there are a couple of essential items that MUST take place:
1) The Lender must be willing to allow this to happen. If they are NOT on board, we will not be able to do either type of these closings. WE RECOMMEND YOU CONTACT YOUR LENDER TO DETERMINE ELIGIBILITY AND WHETHER THEY WILL ALLOW YOUR CLOSING TO TAKE PLACE IN EITHER OFF THESE FASIONS.
2) If it is a Virtual/Hybrid Closing, the consumer will need to be able to print documents OR we will need to allow more time for the documents to be delivered to them and return to our place of Business to do the virtual closing and then arrange for pickup of the documents once they are finished signing.
3) For both the Virtual/Hybrid Closing and RON, the consumer will need to make sure they have the proper technology, including;
A. A Valid Email Address
B. Computer with camera, or Smartphone
C. Internet Access
Although the Governor signed this Emergency Order late on Friday, March 27, these types of closings have RARELY taken place in Colorado prior to now, so there is going to be a learning curve on all sides involved. If you are interested in learning more or in having one of these types of closings performed, please reach out to your Homestead Title contact and we will gladly work with your clients, the lender, and all parties involved to best accommodate everyone. We strongly recommend that you check with your lender first though. Again, if they are NOT on board, we will not be able to do it.
We sincerely appreciate your business and are here to support you during these uncertain times. Please stay safe and let us know how we can help.
Your friends at Homestead Title & Escrow