Notarizations are necessary for closing procedures and, up until this point, typically happen in person. However, during the COVID-19 pandemic, it’s become increasingly more common for notarizations to occur remotely for the health and safety of parties involved. But how do you ensure remote notarizations are still legal, accurate and valid?
There are two forms of remote notarization that are most used: Remote Online Notarization (RON) and Remote Ink-signed Notarization (RIN). At Investors Title, our underwriter, Westcor, has approved using RON procedure and was a leader in implementing the process.
Take a look at the difference between these two methods of remote notarization and what you need to know if you are part of a remote notary transaction.
RON (Remote Online Notarization)
RON uses a dedicated platform that integrates audio/visual technology, multi-factor verification methods, and an electronic signing room to complete a notarial act when the principal is not in the same physical location as the notary public.
The purpose of RON is to enable the principal signer to be in a different location than the eNotary and still be able to close the real estate transaction by executing the required documents. The eNotary is a critical component of the Digital Closing Process because the essential transactional documents — the deed, mortgage and deed of trust — all require notarization.
RIN (Remote Ink-signed Notarization)
A RIN transaction is a paper-centric process where all parties involved “wet” sign the documents and the notary will still ink-stamp the documents. The required process of seeing the other party sign is done via a video conferencing tool, such as Zoom, GoToMeeting, WebEx, or Microsoft Teams.
Requirements for RON and RIN
A lender only has to approve of the use of RON when it is for a buyer signing with RON. At Investors Title, the lender does not need to approve of it when it’s the seller who is using RON.
In both RON and RIN scenarios, the underwriter has to approve of it taking place. A lender has to approve as well, if they are working on behalf of a buyer who has a loan.
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The processes for closings during a pandemic are constantly evolving. At Investors Title, we want to ensure you’re receiving the most up-to-date information possible so your closing goes smoothly, even if it can’t be done in person. If you have any questions, please contact us today.