Real estate sector has to deal with different forms of documents and contracts like an agreement for sale, candidate hiring agreement, hiring agents to sell the property, contract explaining the terms of the association between the real estate business and partners, investors, customers, etc.
The right Esign solution for real estate would be able to offer enough safety, and efficiency to the real estate business to conduct multiple operations effectively. Deploying an efficient system will help real estate companies and their staff to perform their jobs effectively without facing any unnecessary delays and errors.
Additionally, such companies are assured of the data safety which saves them from unwanted legal issues.
Real estate sector can make use of two types of online signatures. One is electronic signatures and another is a digital signature.
Most of the people use the name of these two types interchangeably. This is not completely right. Though both are types of an online signature, an electronic signature is an umbrella term and digital signature is one part of it which uses a more secured and sophisticated method of signatures with the help of mathematical algorithms and cryptographic encryption.
On the other hand, an electronic signature is an online version of the physical/handwritten signature.
There are different ways of making electronic signatures using Digital Signature for Government Agencies.
You can scan an original handwritten/ink/wet signature and paste it on the document at the right place. Or, you can use the scanned image and insert it directly on the online doc.
However, this is possible only if you are allowed to edit the document. The second type of electronic signature is an advanced electronic signature. This type of electronic signature can be performed directly on the screen of the computing device.
These advanced electronic signatures are easy to perform, but also easy to forge or copy or meddle with if one has access to the right credentials. Such signatures are good if the motto is to allow the users to easily find out the sender of the document and verifications of the signer is not the concern.
The second type of online signature is a digital signature. It is a more sophisticated version of an online signature and it uses cryptography based on blockchain technology.
Using this type of signature ensures an extra layer of safety and here the codes are hidden. Systems that run on blockchain technology are peer-controlled which means every server or user of the system has access to the system.
Peer-controlled systems also ensure that one party or user can interfere with the procedure/transaction/users.
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Digital signatures have limited accessibility which means only the recipient can open the document without meddling with the content.
This ensures the recipient that nobody has played with the content before the receipt. This is possible be used if the blockchain technology which ensured that all the links are singular and independent.
Such signatures are directly connected to the document which means a signature can be used only once. For each new transaction, different signatures are required. It is digital signatures that allow tracking of the process.
Electronic signature systems are hence important in the real estate sector to protect the data, ensure the validity of the contract and to close deals quickly.
However, before you go ahead and install any Real estate signature solution in the business system, you need to pay attention to certain factors. You also need to understand the ways in which this solution will impact your real estate business.
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The Legalities
Whenever the court considers the validity of any document or checks of all the parties involved in the agreement have given consent to it by their free will and whether each party accepts that it will be bound by the content or terms and conditions of the agreement they all have signed.
Digital signatures made using esignature solutions are quite particular as only one sender and one recipient can use that one digital signature. The access is limited.
The sender will have a unique digital ID or a PIN which will make the sender distinct from others. This way, it is easy to find out the sender and validate the identity.
This also means that every signed document is a path that takes you to the accurate signer/owner. This makes it authentic and legally valid as no party can lie about its participation and actions.
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The Audits
Whenever a signature is made using a digital signature software, it leaves a trail behind. This also means that it is easier to find out the sender and receiver of the document if there is a requirement.
If you are a real estate business, it helps you to keep track of all your sales along with the terms and conditions of each sale. You can also ensure if the signing procedure is conducted in the given order and in a legal way. Trailing also makes it easy to track all the transactions and processes performed on the document.
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Contracts for Sale
Sales department might be the only department in the real estate business that uses digital signatures the most.
Before the invention and spread of Real estate signature, the closure of the sales contract was maketh dine by signing the contract physically. This used to be time-consuming and tedious as the company had to take care of the documents and maintain the week for future purposes too.
With the introduction of digital signatures, things are easier and smoother.
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The Insurance Agreements
Purchasing a real estate property or a house comes with buying reliable home insurance too. The insurance ensures the safety of the house owner from any losses or damages to the property.
Home insurance also promises you a fall back plan in case things don't work out well. Real estate businesses usually partner with known and reliable insurance providers. These agreements need to be completed in time with all the right data and must be signed by all the concerned parties.
This is possible easily and flexibly with eSignature Solution for Government Agencies.
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The Employment
eSignature Solution for Government Agencies and real estate businesses can also be helpful in taking care of the human resource department.
Many real estate companies pay regular salaries to the real estate agents, some offer commissions, bonuses, etc. based on the sales the agents have made. Here, it is crucial to enter into a thorough contract with the agents where every terms and condition are clear.
This contract must be signed by the concerned parties. Here, digital signatures are used to ensure more safety to both parties.
What can you expect from a professional esignature solutions:
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Authentication And Identification
Signers have to prove their identity by providing or confirming some data or authentication details. It is crucial to know that the signers are who they are claiming to be.
Know if the esignature solutions you are using ask users to verify themselves before they perform signatures.
Know how robust and layered the authentication process is.
Are there multiple ways of determining the signer's identity?
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Information, Alerts and Consent
The ESIGN Act states that the signer has to be aware that he/she is entering into an agreement through electronic signatures and he/she approves of it.
Was the signer given any visible and clear notification or alerts about the use of e signature?
Was the signer given an opportunity to choose between electronic and handwritten signatures?
Did the singer give clear and visible consent to the use of e signature?
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Audit Trail
This is the feature that is used to track all of the actions performed by the signers on the documents during every transaction.
This provides consolidated proof of the entire transaction end to end.
Know if your solution allows auto trail and track every action.
How detailed are the trails?
Where and how the trail is stored?
Is the audit trail saved at a safe place?
What are the safety measures and who all have access?
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High Market Standards
An electronic signature system must offer services that are in compliance with the global market standards and are valid independent of the software provider.
Is documentation produced with a proprietary system?
Are data and signatures readable enough?
Are they accessible and verifiable? etc.
Apart from the above-mentioned factors you also need to pay attention to the following questions:
Signature-document connection
Proof of tampering, etc.
To Wrap Up:
Electronic signatures are of immense use to the real estate sector business. Real estate sector can rely heavily on Real estate signature and other advanced technologies to perform efficiently and offer more optimized services to the customers.
Using Real estate signature, you have an authority to trail every documentation and track every action taken on the document since the beginning. Tracking let's real estate business to keep the contract safe and as per the discussed terms and conditions. It also ensures buyers of the data safety and robust contract signing which has a legal backing and validity in the court of law and no changes are made in the contract after signing.
In case of any such attempt, a notice will be sent to the buyer, real estate business and other concerns parties.
