It’s rare that an Agreement of Purchase and Sale only changes hands one time during a real estate transaction. With counter-offers and further countering of counter offers, by the time the deal is done, the Agreement of Purchase and Sale can be full of scribbles and difficult to read.
In an effort to make the home buying experience easier, the Ministry of the Attorney General recently approved a proclamation of a 2013 amendment to the Electronic Commerce Act, 2000 (ECA) which will now allow the use of electronic signatures on real estate Agreements of Purchase and Sale.
Electronic signatures will significantly reduce the time required to process a deal. At present, agreements of purchase and sale are often faxed, scanned and emailed numerous times over the course of a transaction. The new technology will allow agreements to be filled out on a computer or tablet, where changes can be tracked and documents transmitted with ease.
For more information, visit the Ontario Real Estate Association (OREA) at www.orea.com.