First Full E-mortgage for Purchase Transaction Completed in North Carolina

August 15, 2017

A North Carolina buyer went to her real estate broker’s office for a closing that was a first in North Carolina.

Through a partnership between Raleigh-based North State Bank and Charlotte-based law firm Brady & Kosofsky, the buyer and seller were able to electronically sign their deeds, financing documents and closing disclosures at a convenient time from their Realtor’s office 45 miles away.

According to the companies, the seller’s signing ceremony took less than 10 minutes in which they met with an e-signing professional, who was also an e-notary, at their real estate broker’s office. An attorney from Brady & Kosofsky was present via video conferencing technology to answer questions and supervise the transaction. A few days later, the buyer met with the same e-signing professional and 46 minutes after the first document was presented, the transaction was fully consummated, recorded and funded.

Due to North Carolina law and the legal framework of the recording statutes, it typically take 45 minutes to two hours after consummation to receive funding approval from the lender, update the title and record the deed. The utilization of available technology by a settlement agent who understands the law and how to use the technology makes these efficient transactions available to everyone, according to North State Bank and Brady & Kosofsky.

This is the second e-closing by North State Bank since May 5. The first e-closing was performed by the Hunoval Law Firm, and was a refinance transaction utilizing a similar process. Both closings were conducted utilizing a remote e-notary who appeared in person with the borrower at a place of their choice.

The closing was completed utilizing DocMagic document technology, World Wide Notary signing and e-notary technology, RamQuest title production system and Simplifile e-recording solutions.

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