– If you haven’t bought a house in the last 10+ years, then you may be in for a surprise the next time that you go to the closing. Any realtor knows that signatures can be difficult to attain around clients’ schedules and tight contract timelines. Between all of the paperwork that goes along with an offer, signing on the dotted line a million times over becomes a monotonous chore. Not to mention if a signature or initial line is overlooked, then the contract is not considered as valid. Preparing and sending documents got a lot easier for the real estate contract process with the introduction of the e-signature and the slow movement towards a paperless transaction.
The e-signature has been around since the first completely paperless home sale took place just 15 short years ago. E-signature technology brings many pros such as a faster turnaround time of contracts. In fact, one study by the Ombud Research Report showed as much as an 80 percent quicker time for a signature turnaround.
Despite the many advantages of the e-signature, many in the real estate business have been slow to adopt the technology. Not only does it mean a change in business practices for real estate agents (since it means that they don’t have to rearrange their schedule to accommodate meeting with a client to sign contract paperwork), but it also takes the human aspect out of signing a contract.
How Does The E-Signature Process Work?
It’s simple in fact. A realtor can create the necessary contract documents, enter the client’s email address and send it to the client. The client will receive an email with a link to view the contract and complete the e-signature process.
The first step for the client within the e-signature portal is to choose a signature style and verify full name and initials. All required signature areas are flagged. The signer can go through the document at their leisure and click on a signature area to sign and date the contract. Once the document has been completely signed and initialed, then an email of the e-signed document is sent to both the signer and the real estate agent. The buyer or seller is also able to download the document as a PDF and save to a device or print out. Simple as that. No schedules to juggle, stamps needed to mail or paying inflated shipping prices for overnighted documents.
Technology Improvements In Real Estate
Keeping up with technology is a big part of being a realtor. Electronic contracts/forms and the e-signature are all a part of the real estate landscape today. Adoption of the use of e-signatures is rapidly growing with over 50 percent of realtors using e-signatures in 2013. The real estate transaction has finally evolved into the 21st century, but not all agents (nor clients) are so quick to adopt the change of digitally signed documents and paperless transactions. Rather, some still prefer the good old-fashioned way of handling business and that requires a traditional pen and ink signature.
All e-signature providers are not the same and the vast majority of major e-signature providers offer certain security requirements as part of their service. Electronic signatures are legally binding in the United States and most e-signature companies offer solid legal protection through complying with federal and state regulations such as the federal ESIGN and the UETA Acts.
Digitally signed documents are becoming more and more mainstream, despite the fact that many large banks didn’t even accept e-signatures until 2012. A buyer or seller can be virtually anywhere in the world with internet access and still be able to send signatures via a smartphone, tablet, laptop or desktop computer. The bottom line is that with e-signature technology real estate deals can be completed faster and with less hassle from having to set up an appointment to sign paperwork and having the potential of a missed signature. We buy houses Boston.
We Buy Houses BostonE-Signatures