Electronic signatures are among the most transformative innovations of the last decade, and they have significantly altered the way homes are purchased and sold. Electronic signature solutions streamline the entire transaction by allowing parties to quickly and easily sign and accept offers, fill out paperwork, and check the status of contingencies and addenda.
However, similar to other forms of new technology, electronic signatures have their own set of issues and drawbacks. E-signatures offer many advantages, but the same speed that makes them so popular can make them seem untrustworthy or like the signatories were rushed. This can lead to miscommunication and possible legal trouble.
Find out how e-signatures can benefit you and your clients and how they are treated under the law. In addition, we will explain why some details are crucial for your customers to know before they sign on the dotted line (or mouse).
Positive Aspects of Electronic Signatures
Rapid adoption of electronic signatures for real estate contracts can be attributed to their many advantages over traditional handwritten signatures. The following are some of them:
Consistency
As a matter of fact, you’ve seen it happen countless times. Signing numerous documents causes clients to become tired, bored, or repetitive, leading to erratic signature variations. This is true whether the clients are signing during the initial listing appointment, the offer appointment, or the closing. With an electronic signature software, you can create online signature for document once and then use that signature on any number of copies of the same document. The signature is more trustworthy because of the uniformity it displays.
Permanence
If you work in real estate, you must retain certain records for several years. When compared to manually filing and storing several copies of each document for each transaction, electronic signature and filing is more efficient, not to mention more reliable. There is also no risk of a document being ruined by a spilled coffee cup or other mishap. A digital signature is instantly updated, readable, and accessible.
Speed
Nowadays, people’s schedules are always full, making it tough to schedule a meeting with clients just for the purpose of obtaining signatures. Electronic signatures allow both parties to sign and return papers immediately when they are finalized.
As a broker or agent, this will give you the flexibility to keep the deal moving even when you’re not in the office. In addition, an e-signature can be the deciding factor in whether or not your client’s offer is taken into consideration in a multiple-offer situation with a short turnaround time.
Convenience
Vacationing customers. Clients looking to relocate from afar. Powerful couples who both have jobs that require lengthy hours. Signatures from any of these categories of customers can take days to obtain in person. Electronic document signing software can make life easier for everyone involved by eliminating paper trails and speeding up the signing process.
Integrations
An e-signature platform can be connected into any electronic transaction management system, such as HelloSign, zipLogix, or Form Simplicity. That means you can finalize the sale or purchase with minimal effort by using a single, streamlined digital platform for everything from document creation and management to distribution, authentication, and storage.
Security
Additional security features, such as timestamps and serial numbers, are included in electronic signatures to increase trustworthiness. To further clarify the client’s intent, they can be coupled with a transaction management system to automatically revoke signatures after modifications have been made.
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