Wet vs. Dry: We’re Not Talking About Surfing
In the world of real estate and mortgage lending, “Wet” and “Dry” refer to how and when your money moves. At jbensonNotary, we believe that understanding these terms is essential for a smooth closing, especially as New York and neighboring states continue to refine their digital closing protocols.
Wet Purchase: Customarily means that all monies are collected and disbursed at the time of closing. This is often referred to as “table funding.”
Dry Purchase: Means that all monies are collected and disbursed after closing has occurred, following a previously agreed-upon arrangement.
As the industry evolved through the pandemic, “Wet” funding at a physical table became a logistical challenge. Fortunately, the rapid adoption of Remote Online Notarization (RON) has allowed business to continue seamlessly. While jbensonNotary is a New York specialist, we handle signings for clients nationwide. Let’s take a look at how states like North Carolina handled this shift, as it set the blueprint for modern digital closings.
The Blueprint for Digital Closings
Technology and Location
To perform a secure video notarization, the right equipment is non-negotiable. This means utilizing technology that offers crystal-clear, real-time audio and video. The session must be recorded, and screenshots are often taken to document the process. In a digital environment, the signer must also verbally verify their physical location to ensure jurisdictional compliance.
Identification and Oaths
Standard rules of identification still apply in the digital space. If the notary does not personally know the signer, the signer must provide a valid government-issued photo ID (state, federal, or tribal) over the video feed. The ID must clearly show the signer’s face, physical description, and signature. Oaths are administered just as they would be in person, ensuring the legal integrity of the document.
Signature Verification
The most critical part of the digital process is the transmission of documents. Once the notary witnesses the signature via video, the signer transmits the document back to the notary—often through secure scans, photos, or digital platforms. The notary then compares the document received with what was witnessed during the live session to ensure 100% accuracy before applying the official seal.
Journal and Compliance Requirements
Every digital notarization must be recorded in a secure notarial journal and kept for 10 years. This record includes:
-
Date and time of the signing
-
Type of notarial act and document name
-
Identification details and video technology used
-
Names of any witnesses involved
Why Expertise Matters in Multi-State Signings
Whether you are closing a “Wet” loan in New York or navigating the specific emergency protocols of another state, you need a partner who understands the fine print. Jurisdictional rules can vary wildly—for example, some states have specific emergency provisions for Health Care Powers of Attorney that remove the need for physical witnesses.
Experience the jbensonNotary Difference
Since our inception, jbensonNotary has been the trusted choice for title agencies, lenders, and consumers who need a seamless closing experience across all 50 states and D.C. Unlike general services, we audit every file 8 or 9 times throughout the process to ensure every signature is perfect and every document is fundable.
Ready to close your next loan with precision? Visit www.jbensonNotary.com today!
Category: loan signing agent
Tags: #Closing #Loan #WetState #jbensonNotary #NYNotary #DigitalClosing #RealEstateTech