By ANTHONY MARGULEAS | Special to the Palisadian-Post
The impact of the Coronavirus is everywhere. Schools, jobs, grocery stores, the stock market and home buying alike, are feeling the impact of this pandemic. As the world changes and learns to adapt during this unprecedented time, so does the home buying scene. Have you ever thought of finalizing the paperwork for your new California home while sipping coffee in New York? Well, by 2022 you just might be able to do that in all 50 states, as talk of Congress legalizing remote online notarizations is becoming more prevalent.
The ever popular eClosing option, just might be here to stay. After gaining momentum when the Coronavirus made its debut and people were frantically buying and selling homes with as little in-person contact as possible, people are appreciating the ease of this option. This process allows both the buyer and seller to legally sign documents virtually, through a notarization process in which identities are verified through the screen. While this process is currently legal in 38 states, experts are saying it’s just a matter of time before it’s the national norm.
While the Coronavirus pandemic is the catapult for making this process more common, it is not something entirely new. Many military families, or traveling workers have had to use this service and feel the legalization in all 50 states would create an ease in which people could buy and sell homes. With it’s massive support from Congress and consumers alike, the odds of this becoming a national reality in 2022, if not sooner, are huge.
States in which Remote Online Notarizations is currently legal include: Alaska, Arizona, Arkansas, Colorado, Florida, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
Though many states have seen a similar bill before, the new version being recommended allows for a base set of standards given to all states. Each state can then choose to build additional rules and regulations as they see fit for their own state. It allows for the states to offer it within the realms of their comfortability, which Congress believes to be the way forward.
With mortgage rates at an all time low, many consumers are ready for this change. It would enable everyone to have the opportunity to refinance or buy/sell a home, without the constraint of meeting in person. The savings and opportunity for this are clear.
Anthony Marguleas is the founder of Amalfi Estates, and has sold close to $2 billion in properties and was selected by the Wall Street Journal as one of the top 40 agents in the country out of one million agents. If you are thinking of buying a home or selling your own, Contact Anthony Marguleas at 310-293-9280 or anthony@amalfiestates.com.
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