Role of Digital Signatures in Real Estate Deals
Modern business moves fast, and only the sectors capable of keeping up with the pace while adapting to the change can eventually survive. The same applies to the real estate industry, which, like other sectors, has its share of ups and downs. The real estate industry banks on agents and brokers to sell properties on time. However, these professionals are often slowed down by tedious paperwork and the endless wait for signatures to be procured and processed, leading to delays in signature workflows. As a result, real estate professionals end up losing out on valuable clients and time. However, new-age tech like digital documentation and electronic signatures have simplified the process considerably, allowing professionals to circumvent time-consuming functions like scanning, printing, and delivering physical documents.
Digital documentation enables real estate agents to send proposals, agreements, and other vital documents to clients, in just a few clicks, from anywhere, anytime. In addition, online storage helps them easily fetch old documents in case of any last-minute hiccups. With digital documentation also came the solution of digital signatures, a modern solution of providing consent on property documents. Thanks to digitization, now owners can sell or buy their properties with the help of a broker from the convenience and safety of their homes.
87% of all buyers purchased their homes through a real estate agent – National Association of Realtors
Expectations from a Real Estate Broker
Buying and selling homes are one of the most significant transactions for clients and need to be done while maintaining prudence. Real estate brokers and agents play a vital role in ensuring the entire process becomes hassle-free and is done efficiently. While choosing the right agent, here are some suggestions that could come in handy:
- Honesty and Transparency – The agent needs to be transparent in his dealings and should be upfront on any charges or extra documentation required in the transaction. Choose an agent with a spotless track record and positive referrals from other customers.
- Constant Communication – The agent must keep the communication flowing with the client and keep him/her abreast of all the developments. The client must be kept in the loop of any inspections or appraisals of the property.
- Technology Savvy – The agent should be comfortable with digital solutions. It helps clients save expenses on unnecessary travel and enables them to sign from anywhere, anytime.
- Availability – The agent should be available to the client and lend a patient ear to their limitless queries. He should be prompt in his replies via text, e-mail, or chat.
- Negotiation Skills – The agent should possess strong negotiation skills to make sure the client gets the best deal possible.
- After-Sales Service – The agent should provide stellar after-sales service to clients, which can help in getting referrals and improve business relations.
A Small Primer on Digital Signatures
Digital signatures are used to verify users' identities and preserve the document's integrity. They adhere to technology like Public Key Infrastructure (PKI), a set of policies and laws to secure data in digital documents. It employs two keys, a public key given by the signee and a private key held by the recipient, to authenticate the user's identity and protect the information from fraud or theft.
Digital signatures are increasingly used in agreements to conduct transactions and deals, helping minimize the risk of fraud and protecting both parties from document tampering. In business workflows, digital signatures expedite efficiency and improve document management. Moreover, digital signature solutions provide a seamless user experience allowing users to store documents and make changes in agreements and forms. A real-time trail also allows users to witness the signing status of documents.
How Digital Signatures Benefit the Real Estate Sector
Real estate brokers can use digital signatures to protect clients from fraud. The document can be accessed only through e-mails, with the signature being requested. The solution also employs multi-factor authentication to protect the document from unauthorized access. In addition, a real-time trail helps identify any modifications or changes in documents.
Digital signatures offer document transparency by requiring both parties to verify their identity. Furthermore, electronic signatures adhere to e-signature laws across major countries worldwide, making the signing process legal, secure, and compliant.
Digital signatures can be conveniently used by real estate brokers to get multiple signs on documents electronically. This is helpful for parties that are geographically distant from each other.
Brokers and agents can gain the trust of clients by letting them access documents securely on a digital signature solution. The final set of documents can be sent to the client for signing after proper verification.
Agents can save on document expenses and shipping costs by using digital signature solutions. Businesses in the U.S. waste nearly $8 billion on managing paper documents every year. The switch to digital signature solutions provides a convenient and secure way to manage documents and capture signatures.
Use of Digital Signatures in Real Estate Documents
Digital signatures are utilized in various digital documents to improve security and minimize risks in real estate transactions. Agents can get e-signatures on documents in a simple and secure manner. Some of these documents include:
- Buyer Representation Agreement
- Listing Agreement
- Purchase and Sale Agreement
- Non-disclosure Agreements (NDAs)
- Leasing Contracts
- Agent Onboarding and Licensing
How DrySign Helps
DrySign is an e-signature solution used by major industry sectors for signing documents securely. It offers digital signature solutions to users looking to conduct business digitally and expedite document workflows. DrySign’s compliance with major e-signature laws like the Global and National Commerce (ESIGN) Act makes it a noteworthy choice for completing online deals. In addition, DrySign allows users to become paperless, improve their time management, and modernize their processes.
Real estate brokers and agents face the hassle of paperwork which can prevent them from gaining clients and closing deals on time. Digital signature solutions like DrySign can assist them in enhancing their processes and improving their bottom-line margins.
Trust DrySign to sign your documents securely.
Source: google.com | nar.realtor
DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.