In light of the ever-increasing demand for arm’s-length business transactions in the era of COVID-19, Sarasota-based title and settlement company PropLogix has released a newly developed remote online notarization (RON) platform to finalize real estate sales.
According to a press release, the software, called ProperSign uses online video to facilitate secure, knowledge-based authentication and tamper-evident document sealing upon finalization.
Knowledge-based authentication, or KBA, is a term used to describe the process for proving a person’s identity within the context of a financial transaction or professional service sensitive to privacy. In this case, it’s Dynamic KBA, meaning the person is verified using real-time questions, unknown to the person but provable using public or private records from the person’s data profile. It’s considered a higher level of in-person authentication. Static KBA uses “shared secrets” to verify.
Remote ink-signed notarization, or RIN, is also supported by Florida’s RON standards and an aspect of the ProperSign process. Essentially the remote witnessing via video conference between buyer and notary, RIN is a temporary bypass for in-person signature witnessing.
The company also can also securely package for electronic delivery all closing documentation. As is common on electronic transactions, ProperSign uses two-factor authentication and contextual logic to ensure no essential fields are missed.
A traditional title search company, PropLogix has not been in the software development space. Among other concerns of homebuyers, the company is recognized for providing property research reports for closings that uncover liens, unpaid utilities, HOA dues and unpaid taxes.
The industry’s options for fully digital deals continue to grow and grow quickly.
On top of agents winning listings and showing homes without being in front of people, banks and title companies have become increasingly comfortable with the prospect of online document swapping and loan closing.
As the nation continues to deal with a virus once thought of as under control, real estate agents should expect the onset of remote closings to evolve into a common way for a home to change hands.
Have a technology product you would like to discuss? Email Craig Rowe
Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman.