You know better than
anyone that when the time comes to close a deal, paper begins to fly! Offers
begin going back and forth and this can become time consuming and complicated.
As with many other industries, the real estate industry continues to move
towards going paperless. According to 680 News, in March of
2013, Canada’s PC Government made it clear that they believe it is time that
Ontario approve the use of electronic signatures for real estate transactions.
In fact, Ontario is one of the last provinces still manually signing and
closing real estate deals.
On June 12, 2013, OREA
applauded the passage of the 2013 provincial budget which included provisions to make electronic real
estate agreements a reality in Ontario. The budget included an amendment to the
Electronic Commerce Act (ECA) which will extend the legal protection of the ECA
to include electronic real estate agreements. You can view the Act here http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_00e17_e.htm
In September of this
year, OREA posted an update on the amendment to the ECA forecasting that we
will likely see electronic signature capability in 2014.
Some real estate sales
professionals have commented that they feel that the ability to sign electronic
forms will interfere with face-to-face relationships and engagement with
clients, while others have surmised that it could lead to an increase in fraud.
We actually believe it
will be quite the opposite. This amendment will certainly lead to new
technology and successes for real estate sales professionals across the
province. New capabilities will mean that you can do more on the go, service
your clients better and close more deals. As Henry Ford famously said, “If
everyone is moving forward together, then success takes care of itself!”
With the introduction
of mobile applications, such as ViMO (Virtual Mobile
Office), real estate sales professionals will be able to use their tablet in a
client meeting instead of preparing and carrying the necessary documents ahead
of time. They will also be able to have the client sign their documents electronically.
Instead of going back and forth between the client’s home and their office,
they can send the documents to the real estate sales professional instantly.
This amendment is a
progressive step in the right direction and will lead to more success and
prosperity for all.
