During the process of buying and selling real estate, several documents among the execution of the deed and the mortgage must be notarized; we are happy to share that Florida […]
The drop in mortgage rates during 2019 marked a dramatic turnaround from the previous year expectations, when mortgage rates briefly reached 5 percent and the Federal Reserve indicated two interest […]
During the process of buying and selling real estate, several documents among the execution of the deed and the mortgage must be notarized; we are happy to share that Florida passed a new bill that allows remote online notarization (RON) for real estate transactions. The House Bill 409 went into effect on January 1, 2020. Florida has joined twenty other states, becoming the 11th new state to adopt RON legislation in 2019, and 21st overall.
Remote online notarization offers real estate professionals the benefit to close transactions in which one of the parties is out of town, giving them the opportunity to provide a suitable closing experience. The House Bill 409 also allows remote notaries to execute fully electronic Wills.
What is RON?
It is a process whereby a signer and a notary public use audio and video communication to notarize the signer’s electronic signature on electronic documents. In states where RON is permitted, personal appearance requirements are met by this interactive audio-video conference. Among other elements, the new law states: “…Whether the signer personally appeared before the notary public at the time of the notarization by physical presence or by means of audio-video communication technology as authorized under part II of this chapter…”
What are the RON requirements?
To qualify as a remote notary, a notary must complete a two-hour training course, post a $25,000 bond, and obtain $25,000 of errors and omissions insurance coverage.
More and more we rely on technology to perform important processes in our lives, now anyone can buy or sell real estate, signing and notarizing documents entirely online. As far as the title companies, we are happy to announce that now we can close online in two simple steps.
May you have any questions related to this matter, or you are looking to close on a real estate transaction, and need the services of a title company, or a real estate attorney, please reach out to us today. We are happy to offer you our guidance. We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
The drop in mortgage rates during 2019 marked a dramatic turnaround from the previous year expectations, when mortgage rates briefly reached 5 percent and the Federal Reserve indicated two interest rate increases. Instead, surging trade wars shivered confidence in the markets, the Fed cut rates and investors —hungry for the relative security of mortgage debt that they were willing to accept lower yields— drove mortgage rates down.
A new decade started and 2020 greets home shoppers with lower mortgage rates compared with 2019. The 30-year fixed-rate mortgage averaged 3.72% this week, compared to 4.51% at the beginning of 2019. In the past two months, the thirty-year rates have floated around 3.7% average, showing some stability in mortgage rates over the last few weeks.
Sam Khater, Freddie Mac’s chief economist said: “The stability is welcome news after the interest rate turbulence of the last year, which caused a slowdown in the housing market and other interest rate-sensitive sectors. The low mortgage rate environment combined with the red-hot labor market is setting the stage for a continued rise in home sales and home prices.”
The national averages with mortgage rates reported by Freddie Mac for the week ending Jan. 2 are as follows:
The drop in mortgage rates was a save on the budgets of potential homeowners, who could take out larger loans for the same monthly payments; however, economists say housing affordability will become a more pressing issue in 2020, determining where people live and how they spend.
After mortgage rates dropped, home price appreciation accelerated, ending 13 months of slowing home price growth, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, a measure of home prices.
The National Association of Realtors: The trade association for real estate agents predicts moderate growth in the housing market and continued low mortgage rates. The experts predicts that the low rates will last. It is expected that the 30-year fixed mortgage rate will remain below 4% in the coming year, moving to 3.8% by the end of 2020.
We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
Remote Online Notarization (RON) is Now Legal for Real Estate Transactions in Florida
UncategorizedDuring the process of buying and selling real estate, several documents among the execution of the deed and the mortgage must be notarized; we are happy to share that Florida […]
A New Year Kicks In With Lower Mortgage Rates
UncategorizedThe drop in mortgage rates during 2019 marked a dramatic turnaround from the previous year expectations, when mortgage rates briefly reached 5 percent and the Federal Reserve indicated two interest […]