Most of my real estate closings end with the signers asking me if they need to retain the paper copies I gave them, and for how long. They also ask if it’s OK for them to scan the docs into their computer. These questions suggest to me that they don’t want to store paper copies, yet discarding them is dangerous and shredding them is a time-consuming, often deferred and expensive chore. So, if this is true, why then is it taboo for the notary to provide a pre-loaded flash drive that is easy to secure and store, saves time, money and makes the notary look modern and professional?
I’m sure I’m not the first to ask this question. But I’ve yet to get a makes-sense answer. Y’all could clear this up for me on this hot, lazy, quiet day.
@Bobby-CA Unfortunately, I have no definitive “inside baseball” on this one . . .
However, in my direct experience with this scenario, the Title/Escrow Companies [T/ECs] will directly provide an electronic copy to the Borrowers [BOs]. The T/ECs require that the BOs contact them directly and specifically request it.
As independent contractors [ICs], the T/ECs to my knowledge haven’t ever authorized ICs to provide electronic copies to the BOs on their behalf. The T/ECs don’t offer a justification or explanation. They simply state: “Have the BOs call us to request an electronic document set.” So, I do that.
======
From an anecdotal standpoint, I’ve always presumed there was a concern about possible editing of the original draft of the documents OR there is some legality that “complicates” the transfer of the documents via an IC to their BOs.
======
This scenario is easy to avoid by querying the BOs in advance during the confirmation call.
When I call to confirm the date, time, and location of the scheduled signing appointment, I advise them that I’ll be printing out two full sets of the documents. If they ask for an electronic set, I refer them directly to their Escrow Officer to submit that request to the T/EC.
This sounds like a perfect networking opportunity for you especially since you are dealing with people buying and selling homes as a Realtor.
Question from the buyer: Do I need to retain all these paper copies and for how long?
Realtor Answer: That is a good question that may best be answered by an accountant or an attorney, I would be happy to introduce you to them…(then go find a good accountant and attorney to refer these people to, or make it three that way you broker won’t get all twitterpated. Perhaps you can find a mobile shredding service and give the buyer their name and information.
As for the thumb drive; I would be concerned with viruses, the ability for people to have compatible computers, etc. Paper is just tried and true.
Good luck and those networking partners will reciprocate.
