The Ontario Real Estate Association (OREA) had recently released statements on their website stating “Realtors applaud passage of digital signature amendment”. This is great news for realtors and consumers who have been struggling for decades due to lengthy paperwork components that bombard their time on a regular basis. The struggle stems from the Electronic Commerce Act, 2000, which excludes electronic real estate agreements of important legal protections.
Most recently, Bill No.28, which was introduced as a Private Member’s Bill back in 2012, had passed the second reading on March 21st, 2013 and is on its way for processing at the committee level. The purpose of Bill No.28 is to permit digital signatures in real estate transactions, and delete the exclusion of electronically formatted real estate deals in the ECA,2000.
With this recent development, realtors and consumers can be more confident in converting to a digital platform in order to deter away from the standard, time-consuming, age-old ways that they were used to in processing purchase and sale agreements. No more printing, faxing or scanning. This significantly improves transactions!
By using digital tools that promote electronic signatures, in addition to being able to access a portal from anywhere in the world, realtors and consumers will be able to save weeks and even months of time that it would normally take to close the deal had they been waiting for an ink signature.
DealTap is a transaction tool for agents. To find out how to save your brokerage quite a bit of time utilizing digital app’s and e-signatures, visit DealTap.ca