Contactless Closing-The safe and easy way to close!
The final step to purchasing or refinancing your property is completing the closing paperwork. If you have gotten this far, know that there are some options for a safe and secure transaction. In Texas, when refinancing your home for more than the scheduled payoff (getting cash back) on your Texas homestead property has limitations pertaining to the closing location. The Texas Constitution (Article XVI, section 50a6N) states a ‘cash out’ refinance must close at the office of the lender, an attorney at law, or a title company. A Courtesy Closing is the term used by the industry to describe closing in a title/attorney office who is not involved with the property. Attorney/Title offices would accommodate outside vendors and their clients in their offices for a small fee. Year 2020 forced courtesy closings to come to a halt. To comply with regulations and maintain safety, contactless (aka curbside or convenience) closings became the alternative. The convenience of a contactless closing allows us to use the parking lot (an acceptable alternative as noted in the Texas Administrative code) of a title company or attorney office near your home or business with limited exposure to others. The process is safe and simple and continuously evolving.
The process is as easy as 1-2-3!
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Meet the Signing Agent at the pre-determined title/attorney office
- Park next to your assigned agent, driver window to driver window
- Documents exchanged through one driver window to the other driver window allowing airspace between vehicles and people
Questions and Answers
What do I bring to closing?
- An unexpired government issued photo identification (for a complete list add hyperlink)
- Second Form of Identification may be needed (for a complete list add hyperlink) - If expecting over $999.99 bring wiring information: Bank name, wiring routing and account number, bank phone number
When will I get my money?
- The disbursement date is located on the top left side of your closing disclosure aka CD (hyper link to sample)
- At closing, your notary will provide a document with information specific to your funding and disbursement
How much am I getting back?
- The amount to be distributed is the “Cash to Close” line at the bottom of page one of the CD
Why is my APR higher than the interest rate I was told?
- The APR includes interest and fees. Your lender can explain this in detail
What is this fee for?
- Because the primary job of the notary is to help prevent fraud by witnessing the signing of documents, that question is best answered by your lender.
Can we close closer to my home/work?
- YES! One of the benefits of doing a contactless closing is that we can close at any public parking of a Title or Attorney office. If your closing was scheduled further than 15 miles away, we will gladly source an alternate location.
