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Digital signature mortgage financing agreement

hi it's Barbara brindle with Remax hallmark welcome to teachable moments really fast one we're just going to talk about the electron electronic commerce act and East signatures a lot of us are using e signatures in our real estate transactions and I just want to touch on a couple of things that you may or may not be aware of number one is there is a standard disclosure included in most real estate documents such as the listing agreement and the buyer representation agreement it's already embedded in the standard wording of those two contracts that the parties acknowledge that electronic signatures may be used and they agree to that it's not included as a standard disclosure in the agreement of purchase and sale so a lot of people are not aware of that so just to bring this to our awareness what that means is the Act provides two ways that a consumer can agree to electronic signatures and one is by way of actions so if a seller accepts an offer from a buyer using electronic signatures and there's no provisions for that in the agreement of purchase and sale the Act says by way of the sellers actions he is accepting the electronic signature from the buyer however that's not bulletproof if you want bullet proof the recommendation and best practice is to use the clause the standard clause called elec number one and that is an electronic signatures disclosure and agreement between the parties that should be in the agreement of purchase and sale added by the buyer agent or by the listing agent and that makes all the parties aware makes your contract bulletproof and it also protects it from the defense known as non as factum and that's really what could happen if you don't have that in your agreement of purchase and sale if a party decides they didn't understand it because it was electronic and you don't have that in there that could be a risk so just wanted to bring that to your attention and encourage you to use that clause in all of your agreements just to stay on the safe side and also remember that a consumer doesn't have to agree to using electronic signatures so if someone decides they don't want to use it then you'll have to go back to the old-fashioned way using paper and pen that's all for now have a great day