Wednesday, January 13, 2016

Growing Trends for 2016 Real Estate - Electronic Signature

With technology changing the way we work and play, it is only natural to see advances relating to the real estate industry. One new development from last year that we are excited about is electronic signatures. This paperless option should increase productivity across the board and significantly reduce waste (saving trees).

Already sweeping through a myriad of other industries, electronic signatures became legally binding in Ontario real estate transactions on July 1, despite the province’s initial trepidation. Ontario joins British Columbia, Alberta, Saskatchewan, Qu├ębec, New Brunswick, Newfoundland and Prince Edward Island as provinces that allow e-signatures in real estate transactions. **
The amendment to the Electronic Commerce Act originally was expected to occur under Dalton McGuinty’s government, but his resignation and the election tabled the motion. An unusually long subsequent review by the Law Society of Upper Canada caused further delay.

Rightful concerns over security have been allayed. E-signature companies adopt the same impervious security measures that banks use for their online services, rendering hacking virtually impossible. Many electronic signatures companies are cloud-based. A built-in feature for all these products is an audit trail. As soon as sales agents or customers log in, everything they do – whether providing signatures, initials or simply changing pages – is time stamped right down to the second. Their IP addresses are also recorded. Everything is meticulously recorded, should a transaction become subject to litigation.

Our office has chosen to use DealTap’s software. Additional features included for the benefit of agents and buyers/sellers:
  1. Sign on any device without apps
  2. Sign cursively or with a keyboard
  3. Guided client sign highlighting so nothing is ever signed wrong again
  4. Keep everything all in one place so no paperwork is ever lost
  5. Easy archiving
So next time you are finished booking your next vacation stay on Airbnb, while waiting for the ride you requested on Uber, you can sign the offer your realtor put together for your dream property, from your smart phone or tablet.

Increased productivity anyone?

Russel Lalovich
Office: (519) 966-0444
Cell: (519) 995-5620

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