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.
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:
If your closing agent answers “yes” to all questions, then the closing process is as follows.
For The Principal:
For The Witness
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.
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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