An E-signature solution is disrupting many sectors of the economy including government agencies.
While the rest of the world is harnessing this potential cost-saving method of increasing document processing speed, how come real estate lags behind?
Digital signature solutions are leveraged by smart organizations to speed up the work process and implement decisions / provide services / deliver products as soon as possible. Before we go ahead and understand what esignature for real estate business means, let us know what esignature means overall and why the real estate sector should consider this.
Esignsture is any electronic symbol, signature/sound made by a signer on the document that connects the signer to the document digitally and attests that the signer has accepted the document and stands by the content written on it.
An esignature for real estate?
As a real estate company or real estate broker, you no more have to worry about traveling from place to place to take signatures and finalizing more than one contract in a day. An Real estate contracts digital signature makes it all possible. Plus, a better customer service experience is provided to the singers and concerned parties as they do not have to waste time in waiting for the arrival of the contract by post or fax, signing it and sending it back. Everything is done digitally, everything is tracked, everything is secure and everything is faster than before. This technology is more suitable than ever before due to boosted digitization and COVID -19-caused lockdown.
If you're using an app for signing documents, you can sign through any device and share the signed contract forward to the concerned party immediately. You can do it from anywhere at any time. Plus, all the data will be stored safely on the device.
Here are three typical steps one would have to follow to sign a document:
Upload a contract that is required to be signed from your device.
Sign it personally from your end and send it to others through any reliable esignature platform.
Once any/every recipient receives and signs the document, you, being a sender/creator receives a notification. Every sooner and the attached concerned party who has access to the document can track the progress of the document.
Real estate contracts digital signature and more:
As a real estate company, property sales might be your ultimate goal; but the journey towards the goal goes through a lot of paperwork. Digital signature solutions have made it possible to deal with all the paperwork digitally.
Here are the different types of electronic signatures:
Every real estate organization, broker, or professional can derive one thing or another by using an electronic signature. However not every type of electronic signature is a perfect fit for a real estate document. Electronic signatures are of two types: 1) Dependent e-signatures 2) Independent e-signatures. Both the signatures are legally accepted, but the technology that is being used to develop the signatures is different, and that is what makes the difference.
Dependent Electronic Signature
Dependent esignatures is dependent on the esignature vendor for verification. These signatures link back to the vendors and if the link breaks, the evidence is lost and so is the validity. These electronic signatures cannot be verified offline and hence one of the crucial benefits of esignatures, convenience, gets compromised. Unlike independent electronic signatures, these signatures are subject to proprietary standards, which he may change in the future. These standards are hidden and one can not even access them without the vendor's permission.
Independent electronic signatures and the data that is used to validate the e-signature are fixed firmly in documents (signed). The proof of the signature is intact, static, fixed and one can verify it with any offline PDF reader also. This gives complete ownership over the signature and the document on which it is embedded. This document can be stored securely on the server. The signer has all the control on the evidence proving your signature on the document. However, this evidence is transparent.
As far as the lifespan of the evidence is concerned, an independent signature is a bliss. Evidence stays valid for decades as all the independent e-signatures (if stated otherwise) have the required approval of the international standards; and are not subject to any vendor/proprietary rules/preferences/terms. All these factors help in strengthening the security of independent digital signatures. Here are a few features of this type of digital signature:
- Limited ownership and maximum control decrease the risk of third party intervention and the risk of sabotaging an electronic signature’s authenticity.
- Having complete access to electronic signature evidence decreases the threat of intervention by factors that might make an e-signature invalid.
- Independent esignatures comply with the international standards which assure safety and validity.
Read the blog- Best Esign Solutions for Real Estate Sector
Let us understand which type of esignature for real estate business is perfect:
While choosing the type of electronic signature that would work perfectly with you, think about the types of documents you need to get signed. You can ask yourself a few important questions before choosing which type of signature to use.
- The risk involved in the transactions you're indulging into?
- Do you have to prove legal compliance, now or in the future?
- Will your e-signed documents or digital transactions be needed to present in court? Etc.
- What are the rules and regulations related to the use of electronic signatures in the real estate sector?
If you need legal assurance and you are indulging in important real estate transactions, you will need independent e-signatures. If you need electronic signatures for temporary transactions, then dependent e-signatures would work.
How to Perform An Electronic Signature?
You can claim to be a futuristic real estate organization or a professional if you know how to use technology in real estate for property transactions and more. There are online tools available that can help you to manage and verify the electronic signatures that you process throughout the transactions. Using electronic signatures you can build strong bonds with the customer as you provide them with faster service and satisfaction without wasting their and your time in handling and signing paper documents.
Hence it is important to choose the right electronic signature service provider for your real estate organization. Once you select the service provider they will help you with the specifications of their signature solution and guide you about its usage.
Being a smart real estate company, you should consider the following features while choosing the perfect electronic signature company.
E-signature solution providers must provide you with backup solutions. You have to make sure that all the property transactions of the company are safe with the service provider. If the company is using encryption technology to authorize the digital signatures, it is an extra advantage.
Check the digital signature solutions by the company that can be integrated with other software that your real estate company uses.
The more the storage limit, the more scope you have to store all the data securely on the cloud with the access given by the company. Check if this storage limit can be increased.
Digital Document Signing becomes easier when the solution (signature) is accessible and implementable through mobile devices. Mobile devices are easy to carry and hence electronic signature can be performed anytime from anywhere.
Apart from the above-mentioned factors, one should consider the legal compatibility of the solution, and the customer support system of the vendor too.
Let us understand the benefits of electronicsSignature in real estate sector:
The contract signing process gets simplified.
Saves time on handling paperwork.
Signing errors are eliminated
Deals can be closed quickly.
More cost-effective than paper documents.
Accessible through mobile devices and hence handy and convenient.
Increase sales, turnover, and satisfaction level of clients.
Safe, legal, and secure.
Here, we have tried to put together every factor related to the digital signature solutions and their implementation in the real estate sector. We hope this comprehensive write up helps you in moving ahead in the direction of the future that is more productive, faster, and secure. An E-signature solution can satisfy both the real estate organizations and their clients equally.