Having a buyer or seller sign a real estate contract is the pinnacle of success for a rookie real estate professional. After the parties have signed, there will be an escrow period during which the property will be appraised and inspected, and then you will receive your commission. Yes! Do we need digital signatures?
What seasoned real estate professionals know that rookies don’t. A sale is not guaranteed with every contract. That’s where they go: through. It’s too late; they’ve already passed their expiration date. The agreement is broken by an outside party.
What can you do if you realise that spending a few hours trying to get signatures on a contract that may or may not result in a sale is not the best use of your time in real estate? Banks and closing companies should adopt real estate electronic signature technology that is widely used and accepted.
Real Estate Transactions and Digital Signatures
Fannie Mae and banks were sluggish to adopt digital signatures despite their legal validity being established as early as the year 2000. Many county records offices still demand an in-person signing at the closing table, even though most lenders and closing companies now accept digital signatures.
Digital solutions will still function for the initial purchase contract, inspection documentation, and seller disclosure statements that real estate brokers use, even when pen and paper signatures are necessary on county documents.
Functions of Digital Signature Programs
Consider the following characteristics as you begin evaluating document signing software: An online signature is a legally binding electronic signature according to ESIGN Act.
Security & Backup
Inquire about the safety of your data and the measures used to back it up. Is there a plan in place to restore files in the event of a software failure? When it comes to safety, what measures have been taken?
Integrations
How well does the software integrate with other popular cloud-based document management systems like Dropbox and Google Drive?
Transaction Management Tools
You should search for integration choices that make it simple to upload your digital signature forms if you use transaction management software regularly. DocuSign’s expert support for migrating to digital document management is a big reason for the service’s success in the real estate industry. They’re adept at handling adoption programs for brokerages of any size, and they’ve helped real estate firms with enormous rollouts.
Storage
Limits to data storage are an inevitable part of using cloud services. How simple is it to add more space if you run out?
Form Compatibility
ZipForm® and similar electronic real estate forms are widely used by many real estate organisations. Verify that the digital signature software you plan to use is compatible with the electronic forms.
Mobile Friendly
Clients that are as tech-savvy as their real estate agents are likely to take advantage of electronic signing solutions that can be accessed from a mobile device.
Support
What kinds of assistance are offered if you or your customers run into problems when using the tool? Do you want to talk to someone over the phone, or are you fine with a support team that only operates via chat and email? It seems like residential real estate isn’t just a 9 to 5 business; do you offer weekend hours for customer service?
DocuSign
DocuSign is a partner in the REALTOR® Benefits® Program and is used by many real estate agencies and brokerages. They are the market leader for digital signature solutions and offer both broker and agent brand plans for real estate firms and independent agents. DocuSign enjoys widespread recognition thanks to the support of major corporations like Wells Fargo and Microsoft.
Dotloop
Dotloop also provides possibilities for real estate brokerages and agent-led teams. Dotloop is trusted by major real estate agencies like RE/MAX, Coldwell Banker, and Century 21. They provide digital signature services to different areas such as finance, insurance, and healthcar. It is a best competitor to DocuSign.
GoPaperless
Many regional REALTOR® associations recommend GoPaperless, and major real estate firms like Century 21 and RE/MAX use it in addition to services like DocuSign and Dotloop.
You can provide better service to your clients and simplify your own work with the use of a digital signature tool while dealing with real estate transactions. Think ahead and do some in-depth research before settling on a specific instrument. The optimal solution will be user-friendly for your clientele, adapt to your company’s needs, and enable you to provide first-rate real estate services.
