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 Re: IPEN Closing
Posted by VT_Syrup on 6/23/22 9:00am

Negrete asked about "closings" which I take to mean real estate closings.

An advantage of any electronic notarization, RON or IPEN, is the resulting documents are machine-readable and the signing process can potentially be incorporated into the title company or lender's workflow. So, for example, the system can make sure the buyer not only signed and acknowledged the warranty deed, but also the name-correction document that must be recorded before the warranty deed. It can also force the signer to sign Mary L. Jones and not Mary I. Jones.

This rigidity is also a disadvantage of electronic notarization.

A potential advantage of IPEN over RON is in table funding states. Each notarization can be done in the right sequence. The sequence might be something like

Buyer hands cashier's check to seller's attorney who is also acting as the escrow agent.

Legal secretary runs across the street and deposit's it in the attorney's escrow account, and gets a handful of cashier's checks made out to various parties. Runs back to office.

Seller signs and acknowledges deed, and notary takes acknowledgement and completes certificate, all electronically.

Seller hands over keys to buyer.

Lawyer passes out checks to buyer, real estate agent, notary, appraiser, etc.

Lawyer emails deeds to buyer.

Seller meets the moving van and moves in.

I'll address a related scenario in a different post.
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