Proposed legislation will facilitate the use of electronic agreements of purchase and sale in Ontario real estate transactions. While realtors can use electronic agreements of purchase and sale now, they do not provide the same legal protections of the Electronic Commerce Act and as a result many realtors are reluctance to use them.
“Deleting the exemption form the Act will remove a cumbersome piece of red tape for the real estate industry and it won’t cost the province a dime,” said the president of the Ontario Real Estate Association, Rob Abraham, in a press release. “By enhancing legal protection for electronic agreements of purchase and sale, both consumers and realtors can benefit from technology that makes real estate transactions more accessible and secure.”
With electronic agreement of purchase and sale documents, there won’t be any need to scan or fax important documents back and forth and all of the parties involved in the transaction will save time.
“OREA would like to thank MPP Todd Smith for reintroducing this bill,” continued Abraham. “It has broad support amongst all parties and we urge its speedy passage.”
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