The Future is here and the Realtors have spoken; We want Electronic Real Estate Transactions! The new generation of 2.0 Realtors have put pressure on the Ontario Real Estate Association (OREA) and their local boards to allow electronic signatures on Agreements on Purchase and Sale (aka Offers documents).

Spring Realty is fighting for this amendment and we won’t stop! This will make each Real Estate Transaction more efficient and will create more legible documents. I’m sure our Lawyers will be happy about that one.

The Electronic Commerce Act of, 2000 currently excludes electronic signatures on documents that create and transfer interests in land (your APS), as well as:

1. Wills and codicils.
2. Trusts created by wills or codicils.
3. Powers of attorney, to the extent that they are in respect of an individual’s financial affairs or  personal care.
5. Negotiable instruments.
6. Documents that are prescribed or belong to a prescribed class.

We’re not sure whether the 6 others exemptions are going to be addressed. On May 17th we got our wish when Progressive Conservative MPP Todd Smith (Prince Edward-Hastings) and Liberal MPP Yasir Naqvi (Ottawa Centre) proposed an Amendment to the current Act to allow Electronic Real Estate Transactions.

As a leader in paperless technology Spring Realty couldn’t be more excited about this! Our iPads are all charged up and waiting for this amendment to become reality. Keep in mind that this technology is already used in the Banking, Insurance, and American Real Estate Industries so it’s just a matter of time before our Government makes this happen for us.

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