Completing a real estate transaction usually involves a lot of signatures. Over the course of a real estate transaction, the documents that are signed go through a lot of steps to get from the start to the finish. This can involve emailing, faxing and scanning documents several times. The entire process can take a long time, but the introduction of electronic signatures stands to make the process faster.
When you buy or sell real estate, you want to make sure everything is done correctly. With each step that is included in the process, there is a chance that an error will occur. Using electronic signatures instead of the sign-scan-send method can help to reduce those errors. Another bonus to e-signing documents is that the documents are easier to read since the markings from each sign-scan-send are present on the document. These markings can be considerable if the documents is going back and forth a lot.
An e-signature enables the buyer and seller to read through documents without having difficulty. The documents can be filled out on a tablet or computer. As changes to the documents are made, those changes can be tracked and sent to the other party instantly.
While the e-signature process certainly makes the process for buying and selling real estate a lot easier, there are still a lot of variables to consider. You must make sure that you fully understand the documents that you are signing electronically because as of July 1, 2015, your e-signature is legal on all real estate agreements of purchase and sale in Ontario.
Source: Ontario Real Estate Assocation, "Ontario allows real estate documents to be signed electronically," accessed Aug. 19, 2015
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