Hot Property: Real Estate Transactions Move Faster with HotDocs Automation
The housing market had a banner year in 2021, with some experts claiming it the strongest in the last 15 years. After some pandemic-related turbulence, commercial markets rebounded, and the outlook is strong.
For service providers in the real estate industry, the age-old challenge remains of how to rapidly produce accurate loan, contract, and other transaction documents to meet aggressive closing deadlines. Real estate is an industry reliant on forms, which has historically meant time-consuming, labor-intensive work on the part of realtors, mortgage bankers, escrow agents, and insurance companies. Thankfully, though, technology is available to change all that. Document automation streamlines the process of creating and producing documents required in real estate transactions.
HotDocs has brought superior automation to the real estate industry, accelerating forms processing, document preparation and more. With cloud-based automation tools in their arsenal, real estate professionals can do their most efficient work, whenever and wherever they may be working.
HotDocs for Real Estate
HotDocs automation makes it easy to electronically produce real estate documents in a fraction of the time it has historically taken. For example, in a unique partnership between LexisNexis and the New York State Bar Association, HotDocs offers over 2,000 legal forms, including hundreds pertaining to residential real estate.
These documents cover all the transactional needs that a real estate practice typically encounters, including contracts of sale, deeds, escrow documents, closing agreements, mortgage agreements, loan applications and numerous common clauses and riders for each of those documents. Anyone who has managed a real estate transaction knows how much of the information in each of those documents is repetitive of previous documents, and HotDocs is designed to address that pain point – the information you input for any one of these documents can easily be reused in later ones.
HotDocs produces files based on interviews – questions about the details of your current transaction that can be answered either manually or input by connecting to your database of choice. Once the requested information is provided once, it is stored in HotDocs for future use, so you will only ever have to answer the same question or enter the same information for the same client once. For example, if you fill out a loan application on behalf of your client in preparation for a mortgage, the information you provide in the interview for the loan application will be populated into the template for the mortgage agreement after the loan is approved.
Automation is best suited to work that is form-intensive and involves repetitive information, which makes real estate the ideal industry for benefiting from HotDocs.
The benefits of document automation for Real Estate
Automating real estate processes with HotDocs creates efficiency in several ways:
- It eliminates repetitive manual entry of information, increasing accuracy and removing the potential for costly human error.
- Formatting is done for you in a number of crucial areas, including grammar agreement, calculations and paragraph numbering, among others.
- Information is saved for use in future forms, further eliminating repetitive tasks.
- All the forms you need, ranging from the simplest checklist to the most complex agreement, are easily accessed in one place and searchable.
These are just a few of the advantages that HotDocs brings to generating routine real estate forms and documents.
Better yet, while these forms were previously only available through desktop-based software, they are now on the cloud. This means that real estate professionals can access the automated documents they need, when they need them, no matter where they are.
Real estate has always been a mobile profession, making on-the-go access to documents crucial long before everyone started working remotely. The automation that HotDocs brings to real estate paperwork makes it possible for real estate professionals to be fully mobile, eliminating dependence on the office and better serving clients in the process.
In today’s fast-moving real estate market, quick and accurate documentation is more important than ever. Whether your need for speed is about loan applications, mortgage notes, deeds or affidavits, HotDocs can get the job done faster and more accurately than a copy/paste/edit process.
Simplifying contract generation with the use of document automation is especially beneficial for law practices, banks, mortgage lenders and other companies involved in real estate transactions.
Quick Read: Contract Generation 101
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