When signing documents online, most electronic signature platforms rely on stamping digital signatures multiple times throughout an agreement or contract. The reason why this is done is to save time and make sure that the signing process can be as efficient as possible while also detecting forging of signatures. Although this is a novel idea, the comfort level for agents and clients to sign large purchases in this manner is just not there at the present time.
What we did with DealTap is replicate the standard paper process and force agents and users to manually sign and resign every space for initials and signatures throughout an agreement or contract. This allows two things to happen: The first is it allows for a unique signature and/or initial to be provided to the platform every single time, by each individual user whether it’s the agent, client or cooperating agent or client. The second being signature audits. These are done so that a comparison can be done throughout the life cycle of the contract or agreement which means that signatures are taken randomly from random locations to make sure they are in fact the same person signing over and over again. When you force the user to independently sign every time, you can individually track unique signatures for each attempt and assign an IP address, which browser they used and what device they used to sign. This allows for more security than what people are used to. We have utilized patent pending technology to allow all parties to track signatures via a simple progress bar that fills up every time an initial or signature is executed.
What we also incorporated into DealTap as a security measure is automatically generated PINs. When an agent sends a contract or agreement to his fellow cooperating agent or his client, the receiving party receives an email stating they have an offer or amendment to review. Once they click on the link in the email, DealTap asks for a four digit PIN to be entered. Only the sender has access to the PIN, further more, a new PIN is generated every time a new offer, updated offer, or amendment is sent out. This actually forces the recipient to get in touch with the sender to obtain the PIN. This insures that communications between all parties, are in fact distributed to the intended individual that the agent desires. Again this is another security precaution that allows DealTap to track and ensure we can authenticate the right people to be involved in signing documents online; at the right place and right time.
It is obvious as we roll out DealTap we will see how receptive users are, however, we’ve already received a positive feedback from boards and legal associations dealing with authentication and enforceability in digital real estate contracts. Agents have been keen on DealTap and it’s PIN technology that we’ve utilized for the initial launch.
To try DealTap, click here.