Are you living in Berlin and ready to close your first investment property in Miami, FL? Don’t worry because remote closing is legal in the US real estate industry. Read on to learn how to close your property transaction even if you are not in the country.
Close on an Investment Property in Miami, FL, From Berlin
Hire A Closing Agent Certified for Remote Online Notary Service
Not all closing agents are certified to close remotely, so you must find the right professional. You can have a virtual meeting with them and ask the following questions to see if they qualify:
- Have you completed your training and certification requirements?
- Are you registered with the Department of State?
- Are you legally identified as a remote notarization provider?
- Have you already obtained a $25,000 bond?
- Have you already obtained $25,000 E&O Insurance?
If your closing agent answers “yes” to all questions, then the closing process is as follows.
For The Principal:
- The remote online notary (RON) verifies the principal’s identity by showing official government identification.
- The RON utilizes automated software to carry out a credential analysis.
- The RON uses data from a third-party source to ask at least five questions to verify the user’s identity.
For The Witness
- Using video conferencing apps, witnesses may be present with the principal.
- The principal must declare that the electronic signature was attached, and the witness must attest that they overheard the declaration.
- The witness must verbally attest that they are a US citizen. They must also attest to being present in the US or a US territory.
The remote online notary (RON) ensures notarial acts are securely archived, recording vital information. These are the identity of anyone present, a description of signed documents, and any words or actions that occur.
In addition to electronic closings, the bill introduces changes for remote signing on wills and powers-of-attorney. Records of remote closing must be retained for 10 years.
Is Remote/Digital Signature Legal in Miami, FL?
The Florida Legislature passed the Electronic Signature Act in 1996. Electronic signatures have been legally binding since that time.
The law offers an innovative approach for real estate transactions when all parties can’t be present for the signing. It makes electronic signatures a good option for foreign investors who still live overseas.
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