A new title and abstract company has opened an office in Tyler, bringing locals the option to complete closings and real estate transactions online.
The service accommodates people who need these electronic resources while trying to practice social isolation, and offers them the possibility to electronically close commercial and residential real estate transactions. Their clientele primarily consists of banks, mortgage brokers, and developers.
Although the timing of the opening the business has benefited him and his clientele, three weeks ago when the president of Scout Title & Abstract Randy Schaffner got his license, he had no idea the coronavirus pandemic was about to ensue.
“We got our license a few weeks ago and had some interesting things happen in the meantime,” Schaffner said. “We had no idea that the coronavirus was going to occur but we had in mind a state of the art service that is very customer sensitive.”
Electronic closings may become the new norm even after the pandemic ends, said Schaffner. The technology is not new, however it is significantly refined, he said.
Schaffner completed the first electronic closing in the nation in 2005. Since 2018, he has noticed a surge of interest in e-closings, he said.
“This time and place fit perfectly with our business model and we are fortunate that we have been able to open up at this time amidst the issues that are occurring around the nation,” Schaffner said.
Although the pandemic has caused many challenges, Schaffner believes the solutions to these problems involve ingenuity and problem solving.
“This pandemic is a terrible tragedy,” said Schaffner. “Technology is a tool in our tool kit we are using to solve problems.”