You might not need a pen the next time you sign a contract!
New for 2014formany Vermont Realtors is the software Dotloop, where real estate agents will have access to Vermont Real Estate forms that can be electronically signed by parties involved in a transaction. So how does this impact you, the buyer or seller in a transaction?
Well, according to the ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT that was signed into law in June of 2000, signing a document electronically is legal and binding. However, in many real estate transactions, there are a lot of papers to review and signing these documents electronically may be quite overwhelming. Especially if you are a first time home buyer or seller, you may need things explained in detail, or just wish for some face-to-face time with your Realtor for such an important decision. This is completelycompletely understandable.
However, if you are an investor who is very familiar with the process, or someone that travels a great deal and really wants to be able to conduct business and keep the transaction moving along, e-signatures can be a true blessing! I personally usually use a hybrid, where I meet with clients first and explain all the documents and have them sign in person if applicable, and then use Dotloop for any additional subsequent addendums or forms that come along that require less explanation. This was very helpful over the holidays where a majority of my clients were traveling and greatly appreciated not having to get to a printer/scanner/fax in between visits with family. Everything could be handled via their devices. Let us know how you feel about electronic signatures! Is this a convenience or something that makes you uncomfortable? Do you have any other experiences with electronic signatures? Feel free to comment on this blog or onour facebook page https://www.facebook.com/VermontGreentreeRealEstate.
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