Today’s “Ask the Expert” column features Tom Gonser, the Founder & Chief Strategy Officer of DocuSign.
Q: As the importance of eSignatures continues to grow, what must real estate professionals keep in mind when choosing a product?
A: As DocuSign’s founder, I’m familiar with eSignature legal frameworks, especially in real estate as a primary market for us. In the past four years, we’ve seen big changes in the use of tech with eSignature as the preferred way REALTORS® close transactions. In fact, NAR reported that more than 50 percent of all REALTORS® have used eSignature in the past year. eSignature eliminates printing, faxing, scanning and overnighting to create an easier, faster, more convenient and secure transaction. However, if not careful, agents can put their clients and transactions at risk with the wrong eSignature tool.
As a third party with a significant stake in the integrity of real estate contracts, banks must ensure the validity of contracts funded by their loans. Banks across the country, including Bank of America, have supplied detailed requirements for eSigned documents.
While some eSignature solutions meet the minimum requirements set by the U.S. ESIGN Act, many don’t create reliable contracts. Some aren’t even compliant with the ESIGN Act.