8 Benefits of Remote Online Notarization in a Rapidly Changing Market
Notarization is one of the most essential elements of a legal transaction. The act of notarization assures both buyers and sellers that the document they are signing has been duly executed and is authentic.
Traditionally, notarization has always taken place in person, with the notary public witnessing the signature and verifying the signatory’s identity. However, technological advancements in recent years have led to the development of remote online notarization (RON), which allows notarization to take place remotely, without the need for the signatories to be in the same location.
What is Remote Online Notarization (RON)?
Remote online notarization is the process of notarizing a document remotely, without the need for the signatories to be in the same location. It involves using technology to connect the notary public and the signatories to verify their identities and execute the notarization.
How does Remote Online Notarization work?
Remote online notarization is done using a special software application that connects the notary public and the signatories. This application allows the notary public to verify the identity of the signatories, as well as to view and authenticate the contents of the document.
The signatories then sign the document using their webcam, and the application captures their signature and records their voice. It allows the notary public to verify that the signatories have signed the document and who they say they are.
After the notarization is complete, the application generates a digital certificate of notarization, which can be used to prove the document’s authenticity.
What are the general criteria for performing RON?
The following general criteria must be met to perform RON:
- The signatories must be in different locations
- The notary public must have a reliable internet connection
- The signatories must have access to a webcam and microphone
- The document must be able to be signed electronically
Remote online notarization is a relatively new phenomenon, but it has already garnered a lot of attention due to the many benefits to the rapidly changing market.
Here are eight key benefits of RON:
An enhanced borrower experience
The traditional notarization process can be a hassle for borrowers, as they often have to take time out of their day to go to the notary public’s office and sign the document in person.
With remote online notarization, the borrower can complete the entire process from the comfort of their own home. It saves them time and hassle, allowing them to complete the transaction at their own pace.
One of the biggest advantages of remote online notarization is that it increases convenience for both buyers and sellers.
Instead of traveling to a notary public’s office or meeting them in person, signatories can now notarize documents from the comfort of their own homes or offices. It is especially beneficial for those who live or work far away from a notary’s office.
Remote online notarization also leads to greater efficiency, as it eliminates the need for signatories to travel to a notary’s office.
It means that transactions can be completed more quickly and with less hassle.
- Error notification
One of the key advantages of using remote online notarization is that it allows for real-time error notification.
It means that if there is an issue with the document, the notary public will see it and address it immediately. It helps ensure that the notarization process goes smoothly and that no errors are made.
Increased fraud security and prevention
The use of technology in remote online notarization also helps to increase security and prevent fraud. This is possible because the notary public can verify the identity of the signatories and authenticate the contents of the document, which helps reduce the chances of fraudulent activity.
RON also offers reduced costs compared to the traditional notarization process. Signatories no longer have to travel to a notary’s office, and technology eliminates the need for physical documents.
The use of technology in remote online notarization also helps to ensure increased accuracy. This is because all of the documents are processed electronically, which eliminates any possibility of human error.
RON is also easily integrated into the current transaction process, making it easy for buyers and sellers to use. This is so because there is no need for any additional training or education, and the process can be easily adapted to fit the needs of individual businesses.
Finally, remote online notarization is available 24/7, which means that signatories can complete transactions at any time of the day or night. It is a huge advantage for those who need to get things done outside of regular business hours.
As the market continues to evolve and change, it is clear that remote online notarization will become an increasingly important part of the notarization process. It offers many benefits to both borrowers and sellers, and it is easy to use and integrate into the current transaction process.
So far, RON has been very successful in the market, and it is likely to continue to grow in popularity in the years to come.