Electronic Signature Security & Industry Compliance

Overview

The recent update to The Electronic Commerce Act (ECA) at the provincial level and the passage of the Electronic Signatures in Global and National Commerce Act (ESIGN) at the federal level, provide the legal foundation for use of electronic records and electronic signatures in real estate transactions. Such legislation clearly establishes that electronic records and signatures carry the same weight and legal effect as traditional paper documents and handwritten signatures.

Electronic Signature Basics

Signature Progress

For each participant role in a transaction, DealTap manages the total amount of signatures required to complete a document or submit an offer based on a progress bar that measures executed signatures/initials against the total required. This is another step in ensuring accuracy and reliability, as well as preventing omissions and errors when parties are executing important electronic documents.

Re-signing with Changes

Unlike the paper process, DealTap creates a new version of the offer every time a Co-Operating Party makes changes. Because all previous versions are kept in history, the new version only requires revised pages to be re-signed without the need for strike-throughs with initials. This allows for a cleaner negotiation preventing the potential for unknown or unidentified alterations of a document.

Remote or In-Person Signing

To use remote signing, the DealTap account holder can simply share their document to a party’s email address. For extra security, the DealTap account holder can add an encrypted 4-digit PIN password (generated by DealTap) to their document.

If added, the PIN password would be emailed to the DealTap account holder once the document is shared to the recieiving party. Once the receiving party receives an email with a link to the DealTap Document, they will be required to enter the 4 digit PIN to gain access. Therefore, the participant must retrieve the PIN from the sender in order to gain access to the specific version of the document. This is often done by telephone and allows the sender to verify the identify of the participant prior to their review and signing of a document.

Account holders can also have collaborators sign on their own device such as a tablet to mimic the paper process of signing. This is possible by reversing the PIN process. Once the account holder attempts to sign on behalf of a collaborator, a 4 digit PIN is sent to the collaborators email – only to be retrieved by the collaborator. This in turn is required on the account holder’s device – once the 4 digit PIN is inputted into the account holder’s device, the collaborator’s identity is verified, therefore their signing session will be possible on the account holder’s device.

Electronic Signature Security & Compliance

Audit Report

Once a transaction is complete, DealTap exports an audit trail that documents all actions performed by all users and participants on the agreement throughout its entire life-cycle. Actions such as opened, saved, notified, edited, signed are all time stamped and analyzed to the same degree as the unique signatures. DealTap ensures that all details of an electronic transaction are captured, recorded and traceable.

Signature Details

DealTap captures and verifies every electronic signature to ensure its authenticity and uniqueness to a certain individual. Each signature is executed independently either via cursive touch or keyboard input. The following details and variables are captured for each and every signature:

This extensive tracking and verification system creates a detailed audit trail of all signatory actions throughout the document process and ensures each signature can be linked to a specific individual.

Signature Audit

The audit report also contains a “signature audit” that reviews 3 random signatures for each participant throughout the agreement lifecycle and compares them side by side both for visual comparison and variable comparison like IP address, device, browser, etc. The Audit Report can be exported into a single PDF package that contains a table of contents, audit trail, signature audit, and complete copies of all offers and counter offers during the negotiation process.

Roles, Users & Permissions Explained

Signing Roles

In signature mode, DealTap highlights all areas required for signature and initials specific to each participant of a transaction. By identifying participants by their roles (ex. buyer, seller, spouse, agent etc.), DealTap automatically manages signatures throughout the documents and agreements specific to that role, thereby eliminating the potential for error.

Geolocation Capture

Each electronic signature or initial will record the precise Geolocation of the device used to execute the agreement or document. By doing so, users will have complete transparency as to where each and every signature and initial took place.

Permitted Access

Each DealTap account holder must be a registered Realtor in good standing with their respective Real Estate Board. Account holders are able to provide access to users whom they wish to collaborate with on a transaction within DealTap. The users can be buyers/sellers/spouses/agents/legal counsel etc. All parties have the ability to retain and store copies of documents via PDF export for record keeping purposes at any time. 

Where Are My Files Stored?

Canada Hosted

Have peace of mind knowing that all your documents and sensitive information is stored, backed up and encrypted in a secure, bank-grade data storage facilities in Canada.

SOC 2 Compliance

Dealtap uses 256 bit Encryption to safeguard its data & communications. Each signed document is stored on servers in Ontario, Canada in the strict accordance with Canadian Real Estate & Privacy Laws. Your personal info and signature is never stored.

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Ends May 28th 2018