Can a Real Estate Contract Be Signed Using an Electronic Signature? - Esignly - Latest News & Articles

Can a Real Estate Contract Be Signed Using an Electronic Signature?

One of the fastest-growing sectors in the global economy is the real estate sector. In this sector, the ultimate goal of the business is to sell the property to the customer.

However, in order to make this transaction successful, lots of other transactions need to be completed which involve lots of paperwork. A few decades ago, all of this had to be performed physically, but now, the technology has improved and all this paperwork can be done digitally.

One of the most popular tools in this sector is the Esign solution for real estate. Esignsture solutions see gaining popularity as the quantity of documentation process this sector has to handle is one of the highest. Who would want to take care of huge piles of paperwork, sign them, store them for years? Digital signatures save these efforts and automate all the documentation related tasks in order to streamline each step. Electronic signature for free solutions is safe, easy to use, and faster than the physical paper documentation process. Plus, these signatures are affordable in the long run.

When it comes to the real-estate sector, two types of electronic signatures are predominantly used. One is the independent electronic signature and another is the dependent electronic signature. They both are digital but the technology they access is different.

The organizations in the real estate sector use a free electronic signature app for multiple reasons. The benefits of using such apps are innumerable. Here Are a few of them:

Efficiency

Physical, paper-based documentation means canceling lots of papers manually. And when human efforts are involved one can not deny the risk of human errors and delays. Using esignature solutions, on the other hand, allows users to draft, send, sign, receive, and store electronic documents within a few hours. These documents are stored in the cloud forever with limited access control to ensure their safety.

Plus, when tasks are performed in a digitally dominant environment, the risk of errors is reduced and one can expect more accuracy, more safety, and a better speed. Additionally, filing an electronic document is way easier and it cannot be submitted unless all the information is filled correctly on the document. In case the user fails to fill in any data, a reminder is sent. In short, the number of returned, unfilled, or incorrectly filled documents is reduced here.

The Overall Effect of This Is Improved Efficiency and Effective Workflow.

Quicker Turnaround

When you use professional technology to perform tasks you are rest assured that comfort and convenience will follow. As a real estate organization, it is your job to offer the same confidence and comfort to your buyers. Customers' comfort is important and if they have to wait in long lines for hours to get their work done, they are not going to like it. With esignature solutions your customers get the comfort they deserve as every involved party to the contract can perform signatures quickly and safely, closing the deal sooner.

Cost-Effective

An electronic signature for free or paid, both help.in cost reduction. ESignature solutions are backed by cloud computing and storage and hence one does not have to spend money on building a huge infrastructure to save paper documents and files. No infrastructure means no maintenance cost, no utility charges too.

plus, the users do not have to spend money on paper, printing, ink, faxing, mailing, etc. Right from drafting to signing to the storage, everything can be done digitally or electronically using an Esign solution for real estate.

Better Security

The data shared by the parties on any real estate document is personal and sensitive. Hence it has to be conducted with the utmost security. Using esignature solutions real-estate organizations can offer their stakeholders and clients a reliable technological environment where everyday shared, filed, and stored is safe and backed by the court of law. As per the ESIGN Act, and many similar domestic and international acts, a signature cannot be considered invalid just because it is an electronic signature. Choosing a reliable electronic signature for free will be of help here.

Read the blog- 2021 Is The Year To Switch To Online Document Signing, Here’s Why

Mobility

Just because the customer is buying a real estate property at a specific location from your organization, this does not mean he/she can or afford to visit the location right away to complete all the procedures. Rather, as a part of the digital generation, the customer will expect you to offer solutions that do not require customers to leave their homes. Solutions that allow clients to perform tasks like signing documents, submitting forms, applying for loans, etc to be performed digitally.

Offering flexibility and comfort of making signatures at any pace and at any time offers customers flexibility and mobility which is crucial in today's world. Nowadays, clients have a virtual visit of the real-estate, and if they decide to buy the property, they can aa free electronic signature app to make their signatures. It will be safe.

User-Friendly

The biggest benefit of using esignature solutions in the real estate industry is that it can be used from anywhere at any time. There are a free electronic signature app, there is a 

Digital Signature for Government Agencies too. All these industry-specific and basic esignature solutions are helpful as they are easy to understand and simple to use. One can use them on their smartphones too. All the tasks such as drafting a document, adding the recipients, sending the document, getting the document signed securely, and then storing it in the cloud, all can be done through a simple smartphone, no matter where you are. Plus, the time taken is lesser. The interactive features of these apps allow users to fill the form correctly or sign the document as per the order, etc. In case of any error or delay, alerts are sent to the involved parties.

Time-Saving

Esignature solutions are time-saving as the user can sign whoever is needed without having to travel on wait in long queues. Not much time is needed to sign the document as it can be done through smartphones too and post-signature tasks such as printing, faxing, or mailing are eliminated. On the other hand, handwritten signatures are tome taking as the of we have to take a print of the document, out the signatures, print again and send the document back to the drafter. It can make a great difference in the real-estate sector. A quick signing process will lead to faster closing of the deal.

Read the blog- 2021 Digitizing Of Paperwork And Leveraging Online Contract Signing

Gain Confidence

Another benefit of using digital signatures is goodwill. In the real-estate sector, it is important to gain customers' trust. A buyer will be putting his/her hard-earned money into your real-estate product and in return, the buyer will expect you to be transparent and friendly. The buyer would make sure of your authenticity and the marker name. Additionally, the way you will treat a buyer will talk a lot about your values. One of the ways of treating your buyer well is to make sure he/she does not have to wait for the completion of the documentation process. Quicker documentation means quicker closing of the deal. It additionally means that the buyer can get the property in his name faster.

How to Make an Esign Solution for Real Estate Work?

  1. Know the use of e-signatures and related legislation.

As a real estate organization that is using esignature solutions, you must know the use of digital signature, as then only you can make it understandable to your buyers. Make sure you know the laws that are regulating the use of digital signatures and you convey them to your clients. This will ensure them that the digital signatures they are using have legal backing.

  1. As a real estate organization it is your duty to review all the documents with your clients and make sure you discuss every content of the document before the client signs it. It is your duty to make sure that your client has understood what is in the document and to which he/she is going to give the consent. Don't let your buyer sign on a document they do not understand.
  1. Explain once they are clear about the content of the document and each of their doubts are resolved it is your duty to tell them about the use of electronic signature and take their consent for the same. Make sure your buyers know how esignature solutions work.
  1. Last but not least is communication. The best way to make the electronic signature system work is to communicate. When you send a document to the clients, follow up with them to make sure they have received it and in case they have any queries, you are available to solve them. Remind them to sign the document and send it back. Offer them friendly assistance. In the real estate sector, communication is the key.

Conclusion

Esignature solutions have modernized the real estate sector and have redefined the industry and the way it works.