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What is an eClosing & How Does it Work?

March 23, 2020

What is an eClosing & How Does it Work?

With eClosing You Can Purchase a Home From Anywhere

Just because you have to maintain social distancing doesn’t mean you have to halt your plans on closing on your dream home. Through 5th Avenue Construction and our trusted lenders we now offer fully digital closings, or eClosings, which will allow our customers to close on a custom home purchase completely online.

With an eclosing, our homebuyers are able to sign for their new home securely from a safe distance that keeps their health in mind, all that is needed is a reliable internet connection and your smartphone or laptop that is equipped with a webcam.

What is an eClosing?

An eclosing is any real estate closing process where the buyer, seller, borrower, notary and others use an electronic signature, an esignature, to sign some or all of the documents needed in the closing of a home. With 5th Ave Construction’s eClosing process, all documents are digital and are esigned by the homebuyer and other parties.

How Does a Homebuyer Digitally Close on a Home?

First, the homebuyer will need a device that is connected to wi-fi and has a webcam. Then they will be sent a secure link to follow which will connect them to our notary via video chat. After our notary verifies their identity, as simple as holding up their valid ID to the camera, in another screen the digital documents will be given to the homebuyer.

The homebuyer will then click in the specific boxes to sign or initial, while our notary walks the homebuyer through every page, so the buyer understands each page that they sign. Afterwards, our notary can eNotarize the relevant documents using a digital notary seal and their signature.

The rest of the closing documents, which do not need notarization will be sent securely using Docusign and can be esigned by the homebuyer without the notary present on video chat.

What Are the Benefits of an eClosing?

eClosings through 5th Ave Construction can streamline the home-purchasing experience for homebuyers while also making the process more efficient for all involved. Homebuyers have more convenience with an eclosing as it gives them more time to review the details of the paperwork before signing. It also accelerates the final closing with shorter signing appointments.

Take a Virtual Tour of Our Available Homes

From the comfort of your couch, you can virtually tour the custom built homes that we now have available in the city of Naperville, Illinois.

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818 N. Webster St. | Naperville, IL

304-11thAve-Landscaped-800x600

304 E. 11th Ave. | Naperville, IL

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530 N. Eagle St. | Naperville, IL

Want to build on your own lot instead?

If you have your own land in a different community, we can still craft the custom home that you've always wanted. Choose from one of our popular floor plans or we can sit down with you and design you a completely custom home from the ground up. Learn more about our build-on-your-lot process here.

Contact our New Home Specialist for a free consultation and learn more about how we can bring your dream home to life. Call us at (331) 255-7500 or email us at info@buildwith5th.com.