Buying property is a frustrating experience in Canada. The real estate industry has slowly adopted technology to bring it into the digital age and after years of discussion it is now reality.
On July 1st, the Ontario real estate industry proudly announced it joined the Ontario’s Electronic Commerce Act (ECA) and recognizes electronic records and signatures as legally binding agreements. No longer is there a need to physically print and sign document with the outdated ink from a pen. This is a significant advancement as buyers can now capitalize on securing property on the go from their mobile device (smartphones and tablet), or desktop.
The company that helped bring the option to be fully compliance with regulations was Toronto-based DealTap. DealTap is a digital real estate transaction platform that enables realtors to securely create, negotiate and electronically sign deals on the go.
Phil Dorner, president of the Ontario Real Estate Association, said, “Agreements of Purchase and Sale can be amended, initialed, faxed, scanned and emailed numerous times over a transaction… Electronic handling of the agreement where consumers amend and sign using their computers or tablets will eliminate this cumbersome process.”
Dusan Baic, CMO of DealTap, stated, “Especially in hot markets when listings are sold in a matter of hours or days, deals completed on paper are prone to many compliance and legal issues like missing signatures, incomplete forms and fraudulent activity. By moving the deal to a digital platform, we can safeguard all parties and provide a safer, faster and more convenient experience for buyers, sellers, agents, brokers, and even real estate boards. DealTap is well-positioned to become the new standard in real estate transactions in Ontario and eventually, nationally.”