New changes to Ontario’s Electronic Commerce Act just made buying or selling a home easier.
Effective July 1, 2015, electronic signatures are legally equivalent to signatures on paper documents in real estate transactions. Currently, when homes and properties are sold, the paperwork required include dozens of copies of documents which must all be signed by hand.
These changes will save time for home buyers and sellers and make the process much easier, especially when the two parties have distance between them; however, real estate agents and clients still have the option of signing hard copies of the documents.
“The agreement of purchase and sale is one of the most important documents in a real estate transaction. The ability to sign it electronically will make the process of buying or selling more efficient. This is great news for realtors as well as consumers across the province,” said Patricia Verge, president of the Ontario Real Estate Association, in a press release.
Currently, Quebec, New Brunswick, Manitoba, Newfoundland and Labrador and Prince Edward Island all have similar laws in place allowing electronic signatures in real estate deals.