How Technology Is Impacting the Closing Process

From healthcare to retail, technology continues to drive growth and evolution in how businesses and consumers interact. The title and escrow, and real estate industries, are no different.

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As we work to simplify home buying and selling procedures, we inevitably lead with a technological inclination designed to improve the overall real estate settlement experience. We thought we’d take a moment to examine exactly how technology has changed the overall closing process, specifically.

Today’s Benefits: A Smoother, More Streamlined Process

Digital processes and cloud-based solutions streamline the real estate transaction, in myriad ways:

  • Increase the speed and breadth of information sharing
  • Reduce loan application and approval times
  • Enable digital submission of documents
  • Generate better informed homebuyers and sellers
  • Allow for a (largely) paperless environment
  • Automate reconciliation procedures
  • Improve title search and recording efficiency
  • Enhance communication among transaction parties
  • Organize and maintain records and documentation in a more centralized manner

The Future of Home Closings

In several localities across the nation, the real estate transaction (from loan application to closing) is occurring in a completely digital space. A growing number of others are working towards the adoption of online notarization and other facets that allow for complete digitization of closing on a home.

While the entire closing process may not be completely digitized yet in many areas, the future certainly points towards this affect and is, in its most basic form, another technological sign of the times.

Need assistance with or information on real estate settlement? Contact the Linear Title & Escrow team today!

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