Real Estate Closing Software for Attorneys

The average length of time it took to close on a home with a conventional loan from March 2020 to February 2021 was 47 days.

For your customers—whether they are buyers or sellers—this time can be full of completing page after page of financial and contractual paperwork, finalizing loan details, and waiting for other professionals to perform their portion of the closing process.

As a real estate attorney, you don’t have control over how financial institutions and other parties are completing their tasks, but you can still take the necessary steps to ensure that your workflows are secure, efficient, and organized with the help of real estate closing software.

So, what can real estate closing software for attorneys do, and what features should your organization be on the lookout for when finding its own platform?

The benefits of real estate closing software for attorneys

Like many other fields, the real estate industry has undergone a big transformation in the role that technology can play in simplifying workflows and delivering new options to better serve customers. 

And the same can be said for real estate closing software for attorneys. While there are several different platforms to choose from, they are capable of delivering real benefits. Some of the most common include:

• Reducing the amount of time and energy required to complete the complex and lengthy legal elements of a real estate transaction, which can allow for more time to focus on client needs
• Introducing one source of truth for document storage, templates, and workflows based on transaction type or services
• Implementing digitized version control and document editing
• Providing a foundation to enable other digital services, including electronic signatures and document delivery

What features are in the best real estate closing software for attorneys?

A survey of the available closing software options on the market can make it hard to determine which platform is the right fit for your business. However, not all platforms are created equal.

Whether you already have a wish list for your real estate closing software that you want to enhance or you don’t know where to start, here are some key features to look for:

Customizable Workflows

For each of your real estate closing types, your platform should allow you to create and enable the workflows you need. This will reduce the administrative burden on your team while providing the consistency to ensure your work isn’t missing key elements.

Once in place, every document version, comment, schedule, and signature can be organized and tracked.

Simple form creation and finalization

Most transactions follow a similar workflow, which means quick access to the necessary forms via a document library is a must-have. 

Take it to the next level with the ability to autocomplete certain sections based on existing information, further helping to reduce rework and the risk of mistakes. 

And, when closing is complete, your team can generate the complete, organized final versions of all the documentation with just a few clicks.

Intuitive dashboards and project views

Your real estate closing software platform should also offer the ability to track your organization’s larger portfolio of work, helping to track progress and tasks against milestones.

In addition to helping to keep work on schedule, your organization can better organize and balance resources across teams.

Built-in record management

Say goodbye to manual, paper-driven document storage and instead choose a platform that can enable digital document search and storage.

Whether for reference purposes or for data recovery purposes, the right platform will give your team access to organized, historical accounts for each transaction.

Security controls

Your clients expect their data and privacy to stay protected, especially given the risk of wire fraud and data breaches. 

Select a platform that complies with industry standards for security and compliance, including the ability to create and manage multiple user permission levels based on job role and with regular support for security updates.

Give your customers the experience they deserve

Choosing the right technology has the power to streamline your operations, improve the security of your workflows, and consistently weave best practices into your work, but it also has the potential to boost how your team serves your customers.

This can be especially true if your organization can successfully integrate your suite of real estate closing software together, including the tools made to reduce the risk of wire fraud, which is a growing risk for all types of closings.

A platform such as CertifID is made to provide end-to-end encryption to protect the financial data needed to perform wire transfers, keeping this information out of the hands of cybercriminals willing to use phishing and other tactics for a big payday.

Want to hear firsthand how the right combination of real estate closing software can improve your organization’s security and workflow? Check out stories from CertifID’s To Catch a Fraudster series.