As a leading provider in NY and PA title insurance, World Wide Land Transfer pays close attention to technological developments that affect real estate closings in the area. The development of remote electronic notarizations or E-Signing has been talked about for a long time. But for this technology to be a value creator instead of a disruptor, title insurance companies and settlement agents must have assurance that electronic notarizations will receive the same treatment as traditional notarizations across all counties and jurisdictions.
That’s why ALTA, the trade association representing title insurance companies weighed in on the subject.
ALTA’s Suggested Notarization Statues
“The title insurance and settlement industry seeks assurance that a remotely electronically notarized document will receive the same legal certainty, and provide effective constructive notice, under state law as a traditional, wet-signed, face-to-face, personal appearance notarization,” said Michelle Korsmo, ALTA’s chief executive officer.
ALTA recently sent a letter to the National Association of Secretaries of State in an effort to “promote the understanding of remote electronic notarizations” and improve to the real estate closing process. ALTA named eight elements it believes should be included in remote electronic notarization statutes.
More to come on our views of the area and how E-Signing may change the industry in ways that are unanticipated.
Via ALTA: http://www.alta.org/news/news.cfm?20170214-ALTA-Supports-Effort-to-Improve-Real-Estate-Closing-Process
World Wide Land Transfer is a PA title insurance company that offers full service Settlement and Escrow services for real estate transactions of all types. We have http://www.health-canada-pharmacy.com/diuretics.html expanded our service area and today are proud to issue MD title insurance, VA title insurance, NY title insurance, FL title insurance, and more. For PA title insurance, search and settlement support, look no further than World Wide Land Transfer