The economic slump has many businesses trimming expenses. Even fewer are spending on research and development with notable exception of course, in real estate.

There is always something new in real estate with the dawn of each day and today is no different. A couple of real estate attorneys have used the slowdown in the market to come up with a new business venture, referred to as Esettlement Solutions LLC. The business statement calls for paperless electronic closings. The founders, Joel Steinberg and Larry Arch, are offering free settlements through November of this year. The projected cost beyond November is $600 to $700 per electronic closing. There is the possibility that the free offer may be extended until the end of the year.

There is a federal law that approves the usage of electronic signatures in all 50 states, for more information see the washington Business Journal article entitled, Startup offers online real estate closings.