Paper has been the standard mode of Portland real estate transactions and the transfer of funds in real estate for over 500 years, but with technology rapidly zooming past us and in today's NO CONTACT type of society, we are becoming more and more dependent on E-signatures, emails, texts, and electronic communication. Having everything in email or text, in writing, allows us to verify documentation easily. Although most of my career has utilized typing or handwriting numerous purchase and sale agreements repeatedly, the time has come to transfer all that information electronically.
Congress made this ever so easy by passing the E-sign Act of 2000. It supports electronic commerce and signatures verifying the validity and legality of all contracts and protecting the consumer in the process. Since then, most financial lending institutions have accepted electronic signatures for all lifestyles and businesses. Companies such as DocuSign handle over 70,000 users a day in a variety of industries and ZipLogix predicts a 100% increase this year alone.
While we consistently meet the needs of our clients and attend to wherever they are on the technology learning curve, several consumers, industries, and even lending institutions are having a difficult time with this transition. Distressed properties and bank-owned transactions seem to be the most difficult to accept the e-signature documents. This is not surprising because short sales can actually be one of the longest transactions to conduct and without the use of electronic documents, the speed and flexibility is greatly reduced.
I want to make sure that all my Portland buyers and sellers know that they can feel confident with e-signature documents. We work with the highest level of security and consumer protection. The National Association of Realtors is consistently vying for a full acceptance of E-signatures in today’s real estate market. This reduces records and documents, paper trails and transfers them all into digital formats reducing clutter and providing the data faster and at a more reliable speed. These types of signatures also can offer greater protection against fraud, surprisingly enough.
If you are curious about this type of document efficiency but are still concerned about its legitimacy, give me a call and let’s discuss. I’m willing to work with any type of real estate transaction in the best way that fits your comfort level.