In today's marketplace electronic transactions are becoming more the norm than the exception. As this progression towards technology continues, the real estate practitioner must be prepared to deal with an entirely electronic transaction. A multitude of laws have been passed to address the enforceability of electronically executed documents, while the commercial market has developed applications to ensure the veracity of electronically executed documentation. This on-demand webinar will provide an overview of the various laws, statutes and commercial products that have arisen to accommodate electronic transactions in both the residential and commercial context. Once the legal framework has been established, the webinar will provide some guidelines for conducting electronic loan closings (or e-closings) and discuss ways to avoid some potential pitfalls for lenders in the paperless transaction. This program will conclude with an analysis of the impact of electronic closings on the traditional due diligence conducted in an electronic loan closing.
Learning Objectives:
- You will be able to discuss the rise of paperless closings.
- You will be able to explain the laws surrounding e-closings.
- You will be able to identify risks associated with e-closings.
- You will be able to review title insurance and the e-closing.
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Why Lorman?
Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
The Rise of Paperless Closings
- The Rise of Technology
- The Global Borrower
The Laws Surrounding E-Closings
- Electronic Signatures in Global and National Commerce Act
- Uniform Electronic Transaction Act
- Uniform Real Property Electronic Recording Act
- Overview of State Laws
- Mortgage Electronic Registry System
- Residential vs. Commercial Transactions
Guidelines to a Successful E-Closing
- Closing Procedures
- Delivery of Documents to Lender
- Software and Encryption Issues
Risks Associated With E-Closings
- Verification of Identity
- Intent to Sign
- Lender Reluctance
- Technology
Title Insurance and the E-Closing
- Policy Coverage
- Definitions and Exclusions
Due Diligence and the E-Closing
- Impact on Traditional Due Diligence
- Legal Opinions
Wrap-Up, and Questions and Answers
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Why Lorman?
Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on December 9, 2013.
Call 1-866-352-9540 for further credit information.
No Credit AvailableThis program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Gavin Williams
Holland & Knight LLP
- Partner at Holland & Knight LLP
- Practices in the area of real estate finance
- Has extensive experience in representing commercial banks, private banks, life insurance companies and international agencies in a variety of commercial lending and restructuring transactions, including construction and permanent financing for office buildings, shopping centers, industrial parks, multifamily and mixed use developments, hotels and condominium projects
- Co-writer of The Commercial Paperless Closing: How Close Is It published in the December 2012 edition of The Real Estate Finance Journal
- J.D. degree, magna cum laude, University of Miami School of Law; M.A. degree in communications, University of Miami; B.A. degree in communications and political science, Southern Utah University
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Why Lorman?
Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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