Remote Online Notarization (RON) and hybrid closings are two terms that have gained popularity in recent years, particularly in the realm of real estate transactions. While both offer convenience and flexibility, they differ from each other and serve different purposes. In this blog post, we will explore the key differences between RON and hybrid closings, highlighting the benefits and limitations of each.
Remote Online Notarization (RON), as the name suggests, is a process of notarizing documents remotely, usually through a video conferencing platform. It allows individuals to notarize documents from the comfort of their own homes without having to meet the notary physically. The Electronic Signatures in Global and National Commerce Act (“E-SIGN”), passed by Congress in 2000, authorizes electronic signatures and notarizations for transactions between two or more parties in all jurisdictions where federal laws apply. With the advent of technology, RON has become a convenient option for individuals looking to notarize documents without traveling or taking time off work.
On the other hand, a hybrid closing refers to a real estate closing process that combines in-person and virtual elements. In a hybrid closing, the buyer and seller may meet in person to sign some documents, while others are signed and notarized remotely. The goal of a hybrid closing is to strike a balance between the convenience and security of a traditional in-person closing and the efficiency and flexibility of an entirely virtual closing.
While both RON and hybrid closings offer several benefits, it’s important to consider the limitations and potential challenges of each as well.
RON may only be available in most states and is subject to specific regulations and requirements. Additionally, not all individuals may have access to the technology required to perform a RON, which could impact its accessibility.
Similarly, while hybrid closings offer a balance between in-person and virtual elements, they may still require coordinating schedules and availability between multiple parties, which can be challenging.
RON and hybrid closings are two innovative solutions that offer a degree of convenience and flexibility for individuals looking to close real estate transactions. While both have their benefits, it’s important to carefully consider the limitations and requirements of each before making a decision. As a notary, you are responsible for understanding the differences between RON and hybrid closings and educating your clients on the best options for their specific needs.
To make the most of these two contemporary solutions, work with a trusted and experienced notary service provider who can guide you through the process and ensure your signing process is as beneficial as possible for your client. With proper support and guidance, RON and hybrid closings can help streamline the real estate transaction process while offering the security and convenience individuals are looking for.
A Better Way to Close with BNN Services
Since 2008, BNN Services has been trusted by title agencies, mortgage lenders, servicers, and consumers to perform loan and document signings in multiple languages across the country.
Unlike other signing services, BNN Services “touches” every file 8 to 9 times, ensuring the process moves forward free of delays. That is why we have completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.
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