Real estate agents are used to racing from one listing to another or from meeting to meeting, but one thing they’re most likely not travelling for is to deliver contracts to be signed.
These days, document-signing software that allows clients to sign contracts online is a mainstay of the real estate business, eliminating the need to print, scan and personally deliver contracts.
But the technology is not without its issues.
While the use of electronic signatures (e-signatures) continues to grow, it may not be for everyone, especially clients who aren’t comfortable with the technology or who are resistant to change.
The Personal Touch
REIX Advisory Board Member Randy Plant says that REIX recommends all real estate agents take the time to fully explain to clients what it is that they are signing electronically (or in person).
“In previous practice, agents sat with the majority of clients face-to-face, which presented the opportunity to engage in meaningful dialogue, providing explanations of the clauses contained in the documents,” says Plant.
“Today’s practice has, in large part, shifted to a model using technology tools favouring convenience over face-to-face meetings when it comes to signing documents, therefore the explanations may be overlooked,” he says.
Given that one of a real estate agent’s most important duties is ensuring their clients understand the terms of a contract, along with the purchase and sale of property, those face-to-face meetings remain as critical as ever.
“Agents have a responsibility to assist clients in understanding the clauses contained in all documents that are being signed. One can’t be faulted for exercising too much diligence!”
The Real Estate Insurance Exchange (REIX) provides mandatory errors and omissions insurance to over 17,000 Alberta and Saskatchewan real estate industry members and more than 1,250 brokerages. We’re dedicated to providing high value to our subscribers through exceptional claims, risk and financial management. Be sure to follow us on Facebook and LinkedIn!