When we talk about eClosing software, we refer to a digital platform real estate agencies use to close a deal, i.e. transaction. This way, all documents, transactions, bank statements, and general collaboration between buyers and sellers are evidenced. Surely, eClosing platforms aren’t limited to the real estate industry only, which means other industries may use this type of software to manage their sales and always have neat documentation on everything they do. The software aims to streamline the closing process, making it more efficient and convenient for all parties involved.
Still, if you check on Wolterskluwer.com, you can see that a similar concept is often used in healthcare, even though both industries aren’t really related. The thing is, people who work in healthcare or real estate must handle heavy documentation and communication with their patients or clients. These days, they can use software to avoid piles of paper all around them. We must say that’s really convenient and allows them to manage their work properly.
Benefits of using eClosing software
We must highlight that convenience, efficiency, and remote closing option are among the main benefits of using eClosing software. What does it mean?
Cost-saving option for everyone
When closing a deal, you will have to meet the people at least once during the process. By reducing the need for in-person meetings and physical document management, eClosing software can help to save on costs such as travel and printing expenses. Additionally, you can limit those meetings to just a few through the whole thing, because no one can afford to lose commuting time, and spend money on lunches, drinks, and coffee.
Convenient when managing the documents
Can you imagine handling tons of paper just to close a deal? Nowadays, it’s always better to have a digital copy of everything, and then print it if needed. The eClosing software allows all parties involved in a real estate transaction to electronically sign and manage documents. So, the whole process is much easier for everyone included in the process, even the lawyers and authorities who must approve the sales, and pass the property to the new owner.
Mobility when working with too many clients
Many agents, no matter their industry, need advanced time management skills so they can handle as many clients as possible in just a day. With eClosing software, parties can access and sign documents remotely. So, can you imagine how much time you save on travel from one place to another? And even better, how much money would it cost if you had to travel every day just for signing documents?
Sales, no matter what type, always include sensitive and personal information on the buyer and seller. This may include bank transactions, account number information, and personal details about the included parties. The eClosing software uses advanced security measures to protect sensitive information and prevent fraud. That’s why every seller must consider using a similar solution to gain trust among potential clients, and always keep them safe from cybercriminals.
How to use eClosing?
There are a few general steps eClosing software takes until everything is done, which include:
- Creating an account
Every party involved in the process must create an account on the appropriate software or application, so they can all be added to the proper working space. This typically involves providing basic contact information and creating a login. After that, they connect with each other and have access to the same workspace.
- Providing all the needed documents
The eClosing allows everyone to upload the needed documents, so all the people involved may have access to it. The software will provide a centralized location for all necessary closing documents, such as the purchase agreement, title report, and mortgage documents.
- Sign all the documents
These eClosing solutions allow everyone to electronically sign all the documents. This saves a lot of time, no matter if you use your digital signature, or you have to upload a signed and then scanned document to the collaboration channel.
- Transparent communication
During the process, you will have to communicate with all the involved parties, which can be time-consuming if you try to handle it personally. This can include the ability to leave comments on documents and send messages to other parties. When doing that, everyone is always up to date with what’s new and what has to be done, to enclose the deal.
- Efficient closing
Once everything is done, and all terms are negotiated, it’s time to close the sales. The eClosing software will help you gain control over transactions and ownership passing. This may involve electronic funds transfer and the recording of the transaction with the appropriate government agency.
Note that eClosing is not a replacement for legal steps during real estate transactions. You still have to handle many things with the authorities, but it’s always easier when you have the right documents with you. In the ideal case, the whole process is monitored by a professional real estate agency, so they can act if something bad or unpredictable happens. This way, all parties involved are legally protected, with no risk of fraud. So, everyone can feel safe and secure during the process, making the purchase comfortable for everyone.
Living in a digital era means that we must use all the benefits these times give to us. For some people, that would be unlimited access to every needed information online. For others, these eClosing solutions are something they need to handle a large volume of jobs and increase their efficiency at work.
But, everyone must be careful using these software solutions, because sometimes, working in person is what you need to close a deal and sign the contract. You shouldn’t skip that part, but you need to make it more efficient, because traveling all the time, and attending all the meetings, it’s not an efficient use of your time.
Finally, the property buying process is not something that happens overnight. It’s just the eClosing software that eases the whole thing, making it more efficient for everyone.