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Posted by  VT_Syrup on 3/25/20 10:43am
I imagine the first thought in the title insurance companies mind is, will it be too easy to commit fraud with a newly-created RON process, and will they end up paying out $XXX,000 to the lenders? The lenders will be wondering if they can resell a mortgage with this type of notarization.
But lets take a simple, secure scenario. John wants to retreat to someplace safe, so wants to buy 10 acres of woods in the Adirondack Park from his best friend Steve, where he will park his camper. So they get a NY notary on Skype and make the sale. John then contacts the Hamilton County Clerk's office to find out how to record the deed. It's just John, Steve, and the notary. No title company, no lawyers, no loan, and payment is by ACH transfer.
I wouldn't bother the busy folks there about a hypothetical, but what do you figure the chances are that the county clerk will accept an electronic deed? They don't even have their own website; they just have their contact information on the general county website. Their fee sheet says they don't accept "fax copies". Does that mean that if Steve prints out the electronic deed and sends it in, it will be rejected? |
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