Can I buy a property without being physically present for any part?

Question

Can I purchase a property using a traditional mortgage without being physically present for any part of the process? A relative who does long-distance real estate investing told me that I have to sign the final loan document and the transfer of ownership document in person. Is this true?

If the state matters, I'm interested in Connecticut

Austin McClain · Answer

My out-of-state clients in Ohio use a mobile notary for anything less than 4 units. A notary meets at their home or office with the documents. Some commercial lenders I've worked with have required the buyer to wet sign in the State, so they've had to fly in for the closing. Ask the lender to see if this is something that they require to plan ahead

Randall Alan · Answer

@Matt Wan

The key to understanding being “in person” is that you can be “in person” anywhere there is a notary or other person who can certify your signature… typically.  Some documents require “wet” signatures… meaning hand signed.  But when people are out of town / out of state the title company can hire a mobile notary near you and they will fedex the documents to your local area to sign.  There is usually extra charges on closing to pay for that service… but it is minimal.

All the best!

Randy

Gregory Chadwell · Answer

Being a lender for 10 years, all is that we required from the title company and the lender is that a notarized close was to take place.  I've seen already that the lender overnight's the docs and they buyer had to take them to get notarized.  But in most cases the title co will reach out to a notary closer and add their fee to the closing stmt.   Still alot cheaper than a plane ticket :)

Marcus Auerbach · Answer

We work with a lot of OOS investors and showings, inspections, and lending can all be done remote very easily.

What you can't do remote is get a sense for the neighborhood and asset quality. That's why we require clients to spend a couple days with us in Milwaukee up front, so we can get on the same page and determine an asset quality.

Hint: the hood looks much better on a spreadsheet than up close in person.

Tom Gimer · Answer

@Matt Wan Many lenders require wet signatures on at least the Promissory Note but if yours does not, as a US citizen you could do the entire signing anywhere on the planet with a good internet connection + mic + camera via Remote Online Notarization (RON) for less than $200.

If wet signatures are required, the answer then depends upon what foreign country you are in. If that country is part of the Hague Convention, a local official can handle the signing and attach an Apostille authenticating the document(s). If not, you'll likely need to sign at the US consulate/embassy... and those appointments often need to be scheduled well in advance.

Allie McAlister · Answer

@Matt Wan

Great question. Hiring a mobile notary is absolutely doable and how most of my out of state clients close on their SF/ Small MF deals. Larger multifamily deals may require you to be physically present for closing, but at that point is a better question for your lender/ title company.

Jimmy Lieu · Answer

Hi Matt! These days, most lenders and title companies are set up for remote closings using a mobile notary. Being out of the country adds some extra steps. You'll need either a POA or schedule an appointment at the nearest U.S. embassy or consulate for document signing - and you need to plan this well in advance! Happy to connect and answer any questions you may have.

Allan C. · Answer

I've purchased all of my properties while out of state or out of country. Out of state is usually easier as mobile notary will often work. Out of country requires a trip to US embassy.

Jeffrey Blackman · Answer

Hi @Matt Wan. I'm a licensed mortgage broker and have closed loans with clients out of the country. In one case they used a notary at the local US consulate. In another, they used a POA (power of attorney). You should contact both your lender and your title company to understand their requirements.

Sam McCormack · Answer

Mobile notary is the closest thing you will have to "being present" for, and they're coming to you