Effective July 1, 2015, real estate consumers will be allowed to execute or sign agreements of purchase and sale electronically. Previously, the Electronic Commerce Act, 2000 (ECA), excluded real estate agreements of purchase and sale from the legal protections of the Act.
In 2013, the government passed the 2013 Ontario Budget. Thanks to the advocacy efforts of Ontario REALTORS®, the budget bill included an amendment to the ECA to remove the exclusion of real estate agreements of purchase and sale. Along with this change, the government also included a section stating that the amendment would only go into force upon proclamation. This section was included to allow the government to consult with stakeholders, including OREA.
The Ministry of the Attorney General is responsible for the ECA. They led the consultations and approved the final proclamation of the amendment. Ontario REALTORS® applaud Minister Meilleur and her staff for her leadership on this issue.
I’m a REALTOR®. What does this mean for me?
Electronic signatures will cut down transaction time, helping ensure that property buyers/sellers know sooner that they have successfully completed the transaction.
Currently, agreements of purchase and sale are often faxed, scanned and emailed numerous times over the course of a transaction. The process can be cumbersome and by the time the final version is signed, the agreement can be difficult to read.
The technology allows agreements to be filled out on a computer or tablet, changes can be tracked and documents can be transmitted with ease.
The technology used to support electronic agreements of purchase and sale is very secure, offering peace of mind to consumers.
view on orea website… https://www.orea.com/About/Government-Relations/Issues/Electronic-Signatures