Real estate deals still need a signature on the dotted line to close. That can be a pain if you’re trying to manually track people down. That’s where electronic signature for real estate agreements come in handy.
Read on to learn about electronic signature technology. We lay out some e-signature technology options that can help you close more deals, faster.
What is electronic signature technology?
Electronic signature technology refers to desktop, web or smartphone applications. It allows your real estate clients to sign a contract or other document with a digital signature.
The document stakeholder sets the process in motion by sending the client the document through the electronic signature application. The client then receives the document in his e-mail inbox.
Then, the e-signature application guides the receiver through the form fields that need to be filled out. They can electronically input a signature onto the “Signature” line of the document.
The receiver usually selects a cursive font and type his signature. There are also options to hand-draw it with a mouse or touchscreen or upload a saved signature on his device. Once the receiver e-signs the document, it is as legally binding as a document signed in ink.
What are the advantages of electronic signature technology?
An electronic signature for real estate agreements is preferable for many reasons:
- You can reduce the risk of signature corruption or confusion (from ink smears, illegible signatures, etc.).
- Going paperless helps your real estate firm reduce expenses associated with fax machines, printer paper, printer ink, and pens.
- Getting an electronic signature for real estate is faster. In practice, it takes mere seconds for a client to e-sign a document. Thus, you don’t have to wait for your local mail courier to deliver a document to a client to close a deal.
- You don’t have to be co-located with a client (or even in the same time zone) to close on an agreement. Signers can e-sign a document from anywhere and at any time convenient for them.
- It creates an audit trail. You can lower the chances of a contract dispute caused by document mix-ups. The signed document contains built-in information about all signing events.
Some electronic signature technology options
Some e-signature technology options include:
- DocuSign: This lets your clients securely access and e-sign documents from anywhere worldwide. It also includes the ability to embed signing technology into your business website. Also, you can connect to DocuSign and other essential business systems.
- eversign: This lets your clients sign documents from home, work or anywhere in the world. The app also sets itself apart by allowing you to accept physical signatures directly on your device.
- eSignGenie promises to reduce the number of clicks it takes to send a document for signature request by anywhere from 30 to 50 percent. It includes integration with Microsoft Office, PDF conversion and support for third-party commenting or editing of documents.
- Sertifi: Sertifi bills itself as a product that can help get your contracts signed 90 percent faster. Tracking and real-time updates let you monitor your document throughout the signing process. The company claims to have played a role in over 30 million contracts and counting.
- RightSignature: This service lets you send documents for e-signature via email, a link or through your own website. You can even customize the branding of the documents you send with your choice of a logo, colors, and graphics.
MileIQ’s blog does not constitute professional tax advice. You should contact your own tax professional to discuss your situation.