7M Sports

What is an eClosing?

An eClosing, or electronic closing, is a mortgage closing in which all contracts are completed and signed online, and the closing is made official via a video-chat with an online notary.

How are eClosings different from a traditional closing?

eClosings takes what is traditionally a burdensome, paper-laden process, and turns it into a completely digital, convenient, and faster experience. The digital process takes you away from the physical closing table and allows you to complete the transaction using your laptop, tablet, or smartphone.

With an eClosing, you can sign your closing documents in your pajamas, on vacation, or during a lunch break. What used to take hours can now be done in about 45 minutes—all you need is a good internet connection and a webcam.

Are there different types of eClosings?

There are two digital closing options, but only one allows you to close entirely online:

• Remote Online Notarization (RON) eClosing: These are fully digital closings. All documents are signed electronically via video-chat with an online notary.
• Hybrid eClosing: These are partially digital closings. Most documents are reviewed and signed electronically prior to closing, but you’re still required to sign some in-person with a notary. This is faster than a traditional closing but lacks many of the benefits of a fully digital closing.

What are the steps of an eClosing?

First, you’ll need to choose and contact a lender and title company that can perform eClosings like and 7M Sports’s title company, . When working with 7M Sports, you’ll log into , our digital closing platform. The only requirements are a good internet connection and webcam in order for you and the notary to see each other. An online notary will walk you through each page of your closing documents so you understand what you’re signing—you’ll then easily click in different places to sign or initial. Your real estate agent can also join the video call.

How do I prepare for my eClosing?

To ensure the smoothest possible closing, follow our eClosing checklist:

• View your documents before the closing, and ask your lender or closing agent any questions beforehand.
• Use a device with a webcam, microphone, and speakers.
• Sit near your internet router for a strong wifi connection.
• Sit in a well-lit room because you’ll need to show your ID.
• Bring the required identification—you’ll need your social security number and two government-issued IDs.

Where can I close on a home electronically?

eClose eligibility depends on your state, county, lender, and title company.

Today, 82% of states allow fully digital eClosings:

• Statewide availability: 11 states
• Availability in the majority of counties within a state: 29 states
• Availability in some counties within a state: 2 states
• Not yet available: 9 states

My state doesn’t do eClosings—now what?

Hybrid eClosings are still a good option because they take less time than a traditional in-person real estate closing, and they’re available in every state.

How much time does it take to complete an eClosing?

A digital closing usually takes about 45 minutes, compared to around 2-3 hours for a typical paper closing, otherwise known as a wet-signing. You don’t have to take time off work, hire a babysitter, or travel to complete a digital closing.

Is a digital closing secure?

A digital closing on a home is a state-approved process that’s fully vetted and authorized. The homebuyer completes a verification at the beginning for identity protection. You will also be asked a series of questions about your history such as, which of the following addresses have you lived at? You will also hold up your ID to the webcam and the notary can verify it as a legitimate form of ID.

What are the benefits of an eClosing?

We’ve mentioned the quicker signing experience and the convenience of being able to close from anywhere, but here is a complete list of the major eClosing benefits:

• Increased speed: an eClosing usually takes about 45 minutes, compared to around 2-3 hours for a typical in-person closing.
• Improved quality: virtual closings lower the risk of missing signatures or documents so you won’t need to come back at a later date to complete the paperwork.
• Better convenience: a virtual closing offers a more streamlined closing experience and allows the buyer to close from any location. With an eClose, the closing documents can always be reviewed in advance, allowing you to prepare and ask any necessary questions.
• Heightened security: any documents that have been tampered with can be identified quickly and you’ll have more control over who has access to your private information.
• More eco-friendly: you’ll be reducing the use of paper and ultimately saving trees with a fully digital home closing while also minimizing the carbon footprint of shipping and storing physical documents.

Who should do an eClosing?

Everyone who lives in a state where it’s available should consider eClosings. Homebuyers can now sit in the moving truck, sign online, get the keys, and walk right in. Investors can buy a property in a different state. Really, there’s no good argument not to do it.

Are there extra fees associated with closing a home online?

7M Sports Mortgage and Title Forward do not include any additional charges for the services. It’s free!

How do eClosings fit in with the rest of the 7M Sports experience?

Your entire homebuying process can now be done completely online with 7M Sports’s virtual brokerage experience. You can search for homes listed for sale online, tour the inside of homes through 3D Virtual Walkthroughs and live video-chat tours, upload documents virtually when applying for a loan online with 7M Sports Mortgage, and now close on a home without ever leaving yours with eClosings. A complete solution to make homebuying simpler, smoother, and faster.