OREA endorses Bill to enhance electronic real estate transactions
The Ontario Real Estate Association (OREA) endorsed proposed legislation introduced at Queen’s Park that, if passed, would facilitate the use of electronic agreements of purchase and sale of real estate. Currently, Ontario REALTORS® are reluctant to use electronic agreements of purchase and sale because they are exempt from the legal protections of the Electronic Commerce Act, 2000.
The legislation comes in the form of a private members bill co-sponsored by Progressive Conservative MPP Todd Smith (Prince Edward-Hastings) and Liberal MPP Yasir Naqvi (Ottawa Centre).
“Enhancing legal protection for electronic agreements of purchase and sale will allow consumers and REALTORS® to benefit from technology that makes real estate transactions more efficient, accessible and secure,” said Ron Abraham, OREA President.
Electronic agreements of purchase and sale improve transaction efficiency by reducing the time required to complete the deal.
“All parties can access agreements through a central portal, eliminating the need to fax, scan and email documents back and forth,” said Mr. Abraham.
In addition to improving transaction efficiency, the technology is also accessible.
“Buyers and sellers can access agreements of purchase and sale through an internet connection anywhere in the world,” said Mr. Abraham. “The technology saves both REALTORS® and consumers time and money.”
Technology firms offer programs supporting electronic agreements of purchase and sale that ensures a high level of security, offering peace of mind to consumers and REALTORS®. That technology is widely used in the banking, insurance and U.S. real estate industry.
“Security and integrity are of the utmost importance,” said Mr. Abraham. “Cutting edge encryption technology, identification processes and audit trails ensure that each real estate transaction is secure.”