Archive for the 'Electronic Purchase and Sales Agreement' Category

There are many advantages to being a paperless real estate professional. And with electronic real estate technology, it’s easier than ever.

Traditional handwritten signatures can be an inconvenient process. You might find yourself scanning and faxing paperwork back and forth between agents. Electronic signatures can significantly improve your process.

  • It will save you money – you’ll be using less paper, less ink, and less staff resources.
  • It will save you time – there will be less back-and-forth between agents and parties.
  • It is safe – most electronic signature software is tamper-proof and permanent.
  • It preserves the quality of official documents – you’re probably familiar with how faxing documents (especially multiple times) can reduce the legibility of text.
  • You can close deals faster.
  • It complements other electronic real estate technology (more on this in a bit).

If you’re re-entering the real estate market, electronic signature technology is one of the most convenient new tools available. Many deals today are done over email – even money can be transferred electronically. Electronic signing allows you to offer more accessibility to your clients.

There are some great real estate tools available made specifically for electronic signing. DocuSign is one example. Whether you’re buying, selling, or refinancing, DocuSign helps centralize all of your real estate documents, and get electronic signatures to complete agreements faster.

As we mentioned above, going digital can complement other real estate tools in your arsenal. When you can organize and store most client data electronically, you can sync it with your other client databases and create a sturdy data system for finding new real estate leads, marketing opportunities, and more.

Paperless real estate technology is changing the game. Take GeoWarehouse for example. Our tools are completely accessible online, including property reports with information from the Province of Ontario Land Registration Information System (POLARIS), Parcel Registers*, condo status certificates, and more.

Contact us today to learn more about our services. Visit www.geowarehouse.ca.

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Electronic Purchase and Sales AgreementsIt is a widely known fact that the Ontario Land Registry System has been fully automated for many years now. Electronic registrations of sales transactions and mortgages have also been in place and have resulted in much faster closings.

In June of 2013, John Gregory of SLAW (one of Ontario’s online legal magazines) reported on a recent and major amendment to Ontario’s Electronic Commerce Act. The amendment will remove the exclusion on land transactions.

Furthermore, Cassels Brock wrote that “the purpose of the bill is to facilitate the use of electronic signatures in real estate transactions by removing the exception in the Act which prohibits land transfer documents from being signed by an electronically generated signature.”

In June of 2013, OREA issued a release of the passage of the amendment, thrilled with the idea that the amendment could mean that electronic real estate agreements of purchase and sale in Ontario may become a reality sooner than later.

Electronic real estate agreements are thought by many, including OREA, to be a major step towards improving the speed, efficiency and reliability of real estate transactions.

As you know, when you are negotiating the purchase and sale of a property, everything is pretty much paper-based and back and forth exchange generally occurs through the faxing and emailing of documents. When in a situation where there are counteroffers and amendments going back and forth, transactions can become complex,  as each time there is a change all parties must be available to sign off on changes.

Real estate lawyers have long enjoyed the luxury of automation which enables two solicitors to work together on a real estate transaction. In the mortgage industry, platforms like Filogix Expert have created a way for mortgage brokers to work electronically on deals with lenders. So it is exciting that the amendment may mean the same opportunity for real estate sales professionals in the future.

How do you think this will impact the negotiation process? Do you embrace the change? Do you think that these changes will cause considerable improvement to the negotiation process?

You can read more about the amendment at:

Stay tuned for mobile tools that will enable collaboration as a result of this amendment potentially in the area of realtor to realtor collaboration and also realtor to consumer collaboration.

If you would like information about GeoWarehouse, please visit www.geowarehouse.ca or call 1-866-237-5937.

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