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Archive for February, 2011

2011 – The Year of Electronic Escrows and Closings

February 26th, 2011 2 comments

After more than a decade of the passage of the e-Sign Act we’re pleased to announce that the Escrow/Settlement Industry is poised to adopt electronic signature technology into their paper intensive processes. In our recent Escrow Survey an overwhelming majority of respondents (67%) stated that they would be adding e-Signatures to their escrow workflow, contracts and agreements within the next 12 months.

Seems like the rapid acceptance and adoption of electronic signatures by real estate agents, buyers and sellers may be the primary cause for this recent change of priorities. Escrow officers and settlement/closing agents generally carry out the instructions from the principal parties and are not particularly known to be ‘early adopters’. Buyers/Sellers/Borrowers, who are becoming more comfortable with e-Signing upfront purchase and counter offers, instructions and agreements, will now be able to complete their transaction over the Internet (anytime, anyplace-even at the airport on their mobile phone) removing most, if not all, the friction associated with current paper-based processes. No paper, no faxing, no scanning, no expensive overnight FedEx or UPS shipping charges and most importantly, no more chasing down missing documents, pages or signatures!
Removing the stress for all parties, especially the overworked escrow officers and closing agents, will be very much appreciated!

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Electronic Signatures for Trustees and Custodians

February 8th, 2011 No comments

Recently, a real estate agent client of ours was in a quandry. She needed to get an electronic signature on a contract but the signer was a trustee-signing on behalf of a trust. The signature space on the contract (Purchase Agreement) was limited and ‘Jane Doe Trustee, for the John Doe Trust’ would not fit very well. Solution – she simply added the complete name of the Trust to our “Additional Custom Field’ option and the Signature Stamp defaulted to the last page of the agreement – with the  complete signature in tact . Just one of the many features that will streamline and eliminate the friction associated with any typical paper based process. Go paperless and digital now!

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Electronic Signatures Cheaper Than Starbucks

February 3rd, 2011 No comments

As we introduce new clients to the electronic signature world they are not only amazed how simple it is to use and get started (typically less than 48 hours) but that most users pay less than $1/day. Last time I looked a Starbuck Pumpkin Spice Latte cost more that 300% of what it would take to send and sign an agreement half way around the World! According to Mint.com the 5 top cities with the highest Starbuck consumption (average monthly cost per person) is: Seattle $36, San Jose $34, Phoenix $33, Portland $33 and Las Vegas $32. Now before you jump on me because you can’t live without that cup of coffee each day (especially since you already broke your New Year’s resloution) but once you legally execute that agreement or contract in less than 2 minutes you’ll be ‘addicted’ and able to spend more time at your favorite Starbucks rather than trucking to FedEx, UPS or to the Post Office to meet your deadline.

On a final note,  I do understand why Las Vegas may be up there but not sure why all the heavy users are on the West Coast??

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