A leading title and real estate settlement provider is bringing the inevitable innovation to California and nationally: a digital real estate transaction called eClosing. It is said to be a comprehensive process, which boasts a host of consumer-oriented benefits to make the experience of buying, borrowing and closing on residential real estate transactions much more rewarding and palatable to today's home buyers. There are already a number of digital apps and components on the market that take one segment of the process and make it a wholly electronic experience.
The result is said to enhance and improve the efficiency and value of real estate transactions for home buyers. The eClosing solution is touted to provide such benefits as mobile notary scheduling, electronic documents processing and eSignatures for innovative closings. Mortgages are obtained and processed digitally. The developers promise to increase efficiency while lowering the risk of errors. The programs are designed to serve both lenders and consumers in a comprehensive digital process.
The participation of real estate brokers, agents and others who have a traditional role will be maintained but with the capacity of full electronic automation. One question that arises is how can legal issues and problems be digitalized? The answer, of course, is that there are some things that will always require the input of specialists, perhaps some old-fashioned research and unique negotiations among participants in the process.
There are a wide variety of issues that can arise in the course of what may start out to be standard real estate transactions. This can mean that the digital process may be interrupted periodically for the resolution of human conflicts, title defects and other potential stumbling blocks. Much of the process here in California and elsewhere, however, has been moving toward full digitalization as an eventual standard practice, albeit with exceptions, disputes and wrinkles that may have to be solved on a piecemeal basis.