In closing on the Paperstac platform, a Registered Online Notary will notarize the transfer documents (Assignment of Mortgage, Assignment of Deed of Trust, Assignment of Seller's Interest).
A RON (Registered Online Notary) will start a live video call with the seller of the security instrument (mortgage, deed, security deed, etc). Using digital methods, the seller will sign before the online notary. The notary public will affix their signature, seal, and other notarial information to the document.
If the requirement of wet ink is a buyer's preferred method, the buyer may request Paperstac to release the transfer documents with the DRAFT removed after the buyer has funded the transaction.
This way, the seller will be able to notarize the documents offline and send them along with the collateral to the auditor at the end of the transaction.
What are the legalities of an online notary public?
The Property Records Industry Association (PRIA) is the leading resource for the property records industry. In January 2016, the eNotary Work Group of PRIA released a paper on “Traditional Assurances for Electronically Recorded Documents.” The paper intended to provide all recording jurisdictions with confidence that electronic notarization is valid and acceptable for recording documents in the public record. The paper states that documents notarized remotely and electronically are given the same legal treatment as paper documents.
In 2017, The National Notary Association published the following position statement on The Enduring Benefits of Interstate Recognition of Notarial Act Laws.
In 2013, the Commonwealth of Virginia released the Electronic Notarization Assurance Standard. The purpose of the standard is to ensure recognition and acceptance of documents notarized by Virginia electronic notaries worldwide.