Collaborate on Closing a Home

Capabilities Used: File Section, Authoritative Audit Trail, Tracking Number, Non-spoofable Identity, Non-repudiability, Certified Content, Certified Mail.

In a typical home closing there are a lot of parties involved. These include, but are not limited to Buyer, Seller, Buyer’s Agent, Seller’s Agent, Inspector, Appraiser, Title Company, Municipal Government, Lending Agent, Lender, Lawyers, etc. etc.

There are a lot of documents to be exchanged and processes to be executed between these various parties. TMail is ideal for these sorts of business processes.

Consider, for example, the title company. The title company has to ensure that the title is valid and also maintain an escrow account as well as perform the actual closing. As part of all of these activities the title company has to collect a lot of documentation from a lot of the parties and disseminate final documents out at closing.

Often documents have to be updated because of missing information. A File Section is a perfect solution to this problem. A File Section allows documents to be updated, while simultaneously maintaining the full history of the document.

A title company could maintain a separate TMail with each of the parties tied together with a Master TMail representing the whole transaction. In this way the entire transaction is neatly organized into just a few TMails rather than dozens of EMails with hundreds of attachments at various (potentially inconsistent) states.

For example, consider the TMail between the Title Company and the Seller. This could contain the following File Sections

1. Seller’s Disclosure Notice (original + updates)
2. Seller’s Title Insurance Policy
3. Seller Information and Authorization Form (original + updates)
4. IRS 1099-S (original + updates)
5. Seller Assurances (original + updates)
6. Settlement Statement – HUD – (tentative + updates + final)

etc.

Of course all discussions between the Title Company and the Seller would take place in the same TMail with comments referring to specific previous comments as well as specific File Sections and versions of File Sections.

The title company could have similar TMails with the other parties. And of course the other parties could have similar TMails between themselves.

The whole process can be converted from dozens of EMails with attachments of uncertain pedigree to a few TMails with authoritatively versioned File Sections. There is much diminished confusion between all of the parties as to the overall state of the transaction. This leads to the process being able to be executed much faster, with much diminished risk for all parties involved.