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Re: IPEN Closing
Posted by VT_Syrup of VT on 6/23/22 9:00am Msg #640988
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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Messages in this Thread
 IPEN Closing - Negrete on 6/23/22 8:19am
 Re: IPEN Closing - VT_Syrup on 6/23/22 9:00am
 Re: IPEN Closing - VT_Syrup on 6/23/22 9:17am
 The notary needs to have a laptop or IPAD, which I assume - grapebed on 6/23/22 11:13am
 Re: The notary needs to have a laptop or IPAD, which I assume - Negrete on 6/23/22 11:45am
 Re: The notary needs to have a laptop or IPAD, which I assume -  Yoli/CA on 6/23/22 11:49am
 Official digital seal / Official stamping device - VT_Syrup on 6/23/22 12:18pm
 Re: The notary needs to have a laptop or IPAD, which I assume - grapebed on 6/23/22 12:22pm
 Re: IPEN Closing -  Ilene C. Seidel on 6/24/22 10:02am
 Re: IPEN Closing - JandB on 6/24/22 4:48pm

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