RE/MAX CROSSROADS RULES & REGULATIONS BULLETIN:
Electronic Signatures Soon Permitted in Real Estate
OREA’s proposal to amend the Electronic Commerce Act (ECA), 2000 was included in the passing of the Government of Ontario 2013 provincial budget on June 12, 2013. The proposed amendment to this Act would allow electronic agreements of purchase and sale to meet a specific writing requirement under the Statute of Frauds, R.S.O. 1990, Chapter S.19, that a contract for the sale of land must be in writing to be enforceable. The government has included a section along with the proposed amendment that says it will come into force upon proclamation. This section gives the government time to consult with various stakeholders, including OREA, about any security measures that might be useful to put in place in anticipation of its coming into force. Security and audits are important considerations that comes with an e-signature package.
Since the amendment has not yet been proclaimed, REALTORS® need to continue having all agreements that convey an interest in land completed in writing - not by electronic means.
The legislature is now adjourned for the summer. OREA will be working with the government in the coming months to get this important amendment proclaimed into law. Once proclaimed, this amendment will give REALTORS® and consumers the confidence to use modern technology that will make transactions more efficient and accessible. CREA will soon be able to provide an integrated solution for electronic signatures through WEBForms™, offering a completely paperless signing solution. Real estate transactions will be completed faster. Offices and REALTORS® will be able to reduce its carbon footprint some more while saving time, money and paper.
The ability to use e-signature technology on legal real estate e-documents will further support RE/MAX Crossroads Realty Inc.’s iREALTY™ concept - “Online, Paperless, Green and Connected” - which embraces the use of the latest real estate technology in day-to-day business. Agents from all our 4 offices in the Toronto, Markham/Richmond Hill, and Thornton / Barrie area have access to exclusive and unique online services such as online forms, online file storage, online showing reports, internet faxing technologies and more! Tech training seminars are offered to RE/MAX Crossroads’ agents so they can learn to stay on top of the technology curve.
In today’s technological age, how you make use of new technologies to better your productivity and service delivery is the key to your success. RE/MAX Crossroads Realty Inc.’s iREALTY Offices can help you achieve that success with ease.