E-Signatures And Real Estate Contracts
We really are moving into a technology phase in our society considering the recent news that e-signatures are now acceptable for real estate contracts. Inman News has the story and their opening paragraph really says it all:
The U.S. Department of Housing and Urban Development today announced that the Federal Housing Administration will accept e-signatures on third-party documents — such as real estate sales contracts — for inclusion among the materials presented for mortgage-insurance endorsement.
This will prove to be a big plus for those who are busy and find it difficult to take time off work just to sign a few documents. I am sure there will be many that argue against the use of digital signatures, however, with the technological advances that are being made and the use of digital signatures in other areas of our lives, it was only a matter of time before they were recognized.
For real estate agents, mortgage brokers and others involved with the process of real estate sales, the same due diligence is expected as with a hand signed document. Electronic documents should, over time, speed up the process of real estate sales since electronic documents can be transmitted in minutes rather than days using traditional methods.
If you are considering a real estate transaction and you are offered the opportunity to sign documents digitally, you can now rest assured that those documents will be recognized. They are still legal documents and will not impair the smooth processing of the transaction.
Technology is here to stay so rather than fighting against it, we need to learn how best to use it to our advantage. When it comes to real estate, you can find real estate, view the photos and then arrange to visit the property, all over the internet. Eventually, it wouldn’t surprise me if we could complete the whole process from the comfort of the home.
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