What's Hot: Washington Spirit Owner Michele Kang Lists DC Home for $14.5 Million | The Smallest Home on the Market in DC
Federal Title Introduces REALSafe™ Contactless Real Estate Closing Solutions
We never used to think twice about gathering around a conference room table with buyers and sellers and their agents. Passing pens, shaking hands and sharing in the celebration of a newly minted homeowner were scenes from a regular day at the office.
Coronavirus has changed all that.
The logistics of accommodating real estate closings in a world of social distancing have been challenging and at times nerve-wracking. Even before lockdown orders took effect, signers at the closing table were expressing uneasiness about the pens and enclosed conference rooms, and title companies were doing their best to accommodate for clients’ concerns.
As the novel coronavirus was creeping into our community, mortgage rates were already dropping and have continued to drop to near-historically low levels. The demand for refinancing in particular has skyrocketed as Americans look to lower monthly payments.
To legally complete their transactions, a title company is needed. Title companies are a third party whose purpose is to review the chain of title, issue insurance policies, facilitate the closings and file and record all paperwork.
With a clean chain of insured title, lenders can sell their mortgage notes on the secondary market, freeing their ledgers so they can loan money to the next borrower.
Borrowers may be accustomed to applying for home loans and shopping for real estate online, but in the majority of states the real estate closing process still requires notarized, wet-ink signatures on the promissory note and deed – usually completed during closing at that conference room table.
Under lockdown, people are scared to leave the safety of their homes and many are nervous about inviting outsiders into their homes to finalize their closing documents.
In response, many title companies have transformed into drive-throughs, passing essential loan documents through rolled-down car windows. But this method doesn’t resolve the primary concern, which is how to maintain the CDC-recommended minimum 6-foot distance between signers during the closing.
Federal Title & Escrow Company, an independent title company with two locations in D.C. and a third in Rockville, recently introduced its REALSafe™ contactless closing solutions as a safer alternative to help real estate agents, borrowers and sellers maintain a safe social distance throughout the real estate closing process so that business can push forward.
Borrowers can work with their lenders to choose from 3 contactless closing solutions: remote online notary, Power of Attorney or mobile notary.
For consumers this means they can continue buying and selling real estate knowing their transaction can close safely, and for agents it means being able to safely move forward producing a livelihood.
As homebuying activity increasingly moves into the digital realm, consumers will expect their real estate service providers to meet them there.
Federal Title’s REALSafe™ closing solutions represent the absolute safest methods to close a refinance or home sale and purchase transaction in today’s real estate environment – and the most convenient, cost-efficient ways to close transactions in the real estate world of tomorrow.
Download a copy of our digital flier.
See other articles related to: closing, federal title, title and escrow
This article originally published at https://dc.urbanturf.com/articles/blog/federal-title-introduces-realsafe-contactless-real-estate-closing-solutions/16852.
Most Popular... This Week • Last 30 Days • Ever
Our guide for amateur landlords who don't really know what they're doing.... read »
Whole Foods announced yesterday that the 47,000 square foot store will open on June 2... read »
The Massachusetts Avenue Heights home was previously owned by the former chief execut... read »
A large new apartment and townhouse project has been pitched for the growing pipeline... read »
With Dan and Tanya Snyder moving out of River View, the region may soon have a very e... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
The residential projects that have sprouted up on the Maryland and DC sides of the Fr... read »
With a groundbreaking ceremony on Wednesday, the redevelopment of the Georgetown Wes... read »
The 23,600 square-foot mansion just hit the market, and would set a record if it fetc... read »
The immaculately kept 100-year-old house features six bedrooms and four-and-a-half ba... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
- The Essential Guide to Being an Amateur Landlord in DC
- Whole Foods at Walter Reed to Open at End of June
- Washington Spirit Owner Michele Kang Lists DC Home for $14.5 Million
- A Two-Phase, 370-Unit Development Pitched For Columbia Pike Gas Station Site
- Will This Be the Most Expensive Home on the Market in the DC Area?
- First-Timer Primer: Virginia's Home Buyer Assistance Programs
- Mall Conversions, Trader Joes? The 1,500 Units in the Friendship Heights Pipeline
- The Four Seasons Private Residences in Georgetown Break Ground
- DC's Blaine Mansion Lists For $30 Million, A Potentially Record-Setting Price in the City
- Now Selling: A 16th Street Heights Victorian on an Island of Its Own
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro