How Does A Mail Away Closing Work In Real Estate? | Summary and Q&A

TL;DR

Mailaway closings allow parties who cannot physically attend a closing appointment to sign and send documents remotely, but it is important to follow legal requirements and ensure accurate execution.

Key Insights

• 🥳 Mailaway closings are a solution for parties who cannot physically attend a closing appointment.
• ❓ Notarization is still required for mailaway closings, following state and lender requirements.
• 🤘 The timeline for mailaway closings may differ, and buyers with loans have specific rules regarding signing their loan documents.
• 🎟️ Pitfalls of mailaway closings include printing documents incorrectly, formatting issues, missed signatures, and missed notarizations.
• 📜 Scanning the document package before sending it back allows for catching potential errors and ensuring all documents are executed correctly.

Transcript

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Questions & Answers

Q: When do you use a mailaway closing?

Mailaway closings are used when a party cannot physically attend the closing appointment, such as due to travel or illness.

Q: Do I still need a notary for a mailaway closing in North Carolina?

Yes, notarization is still required for mailaway closings in North Carolina, as per state and lender requirements.

Q: Can I do an e-close or electronically sign documents for a mailaway closing in North Carolina?

In North Carolina, ink signatures and ink notarization are still required for mailaway closings, as fully electronic closings are not widely accepted by lenders.

Q: Does the timeline change for a mailaway closing?

The timeline for mailaway closings may differ, and while sellers can sign their documents any time before recording, buyers with loans must sign their loan documents on the day they are dated.

Summary & Key Takeaways

• Mailaway closings are used when a party cannot physically attend a closing appointment at the settlement agent or closing attorney's office.

• Notarization is still required for mailaway closings in North Carolina, as per state and lender requirements.

• The timeline for mailaway closings may differ, and buyers with loans must sign their loan documents on the day they are dated.