Buying or selling a home is a wonderful experience, it can help you move on to a new home, it can help you get rid of a home you no longer want, and it can help you get the funds that you need. Keeping this in mind, there are tons of different documents and paperwork that come along with selling a home and buying a home. Knowing what documents are there and what types of signatures and documents might be needed can make a big difference.
What is a Wet Signature?
A wet signature refers to a physical signature in which wet ink is used on actual paper. It is called a wet-signature as it uses wet ink to sign a physical paper and you are present with the real estate agent or the bank person as well. This type of signature goes way back and was often the only type of signature used to help officiate these papers and to make the sale final and make it official. We now live in a time where there are more options.
Electronic signatures are possible now and can be used to help speed up the process and help make it possible to get papers signed even if you are not on the premises or if you are not able to meet up with your agent or with the bank officers. Electronic signatures can be as official as a wet signature in some cases and can be used to help make the process faster and more efficient so that you are going to be able to get the sale or purchase done and so that you can avoid having to go back and forth signing physical papers.
What Documents Require a Wet Signature in A House Closing?
There are some papers that do require that you have a wet signature to make sure that they are official. Though most electronic signatures are official and can be used through the approval process and through the initial steps, there are some documents that still require you to have a wet signature and for it to be witnessed. The final paperwork that is filed to sell a home or to buy a home does require a wet signature. In most cases, you do have to sign your initial documents with a wet signature before an electronic option can be used.
With the final paperwork, you do need to have physical signatures of you, the other buyer or seller as well as the agents. Also, when you do end up figuring out your loan documentation, you do need to have a physical signature for your final loan paperwork. In most cases, an electronic signature is just going to help you to speed up the process but for any final paperwork, you do need to be in person and to sign a physical paper.
It is important that if you are working on selling or buying a home, that you do take the time to talk with your agent about what paperwork you need, about what you need to do, and about what particular documents you can sign with an electronic signature rather than having to come and sign in person. With any legal papers, it is always important to take the time to discuss with your agent and with anyone else involved to make sure that your papers are legal, that they are binding, and that you are not going to have to deal with any other issues.
Are Electronic Signatures Legal?
In the Seattle real estate market, as with any real estate market, electronic signatures do have some weight. Electronic signatures can be used for a ton of different paperwork and a ton of different applications. For starters, electronic signatures have to be first entered into a system. In most cases, on your first meeting with an agent, they will have you create an electronic signature. This signature is consistent through the process and is stored so that it can be proven that you are the one signing. The electronic signature is going to be different from person to person and maybe an actual signature that you entered into a touchpad, it can be your initials, or it can be some other form of pin number or letters that signify your signature. Your agent can better explain what a signature is and how they are used in lieu of a paper signature so that the process can be sped up.
In cases of buying and selling homes, there is a great deal of back and forth and each exchange requires your signature to prove that you have seen it and that you agree to the terms. Electronic signatures allow you to approve things from your home or office and make it so that you can approve things even when you are not in person or with your agent. This is a great benefit as it takes a process that once took weeks and can cut days off the total time making it a fast and simple process that works for everyone.
If you have an agent or you want to learn more about electronic signatures, you can find out more from your agent and from your financial institution about what type of signatures work and what is going to work for you and your process.