Real estate is not a commodity like a book or frying pan that one can order on-line and receive delivery. The need for personal contact will never go away though technology has certainly had an impact on the transaction management aspect. E-mailed loan docs and electronic signatures will change how we close transactions and notaries will have to adapt to this new reality. The internet in general and specifically Winforms and now RELAY have forced agents to adapt to this new way of doing business. Jeff Dennis

Time is Money. People will hunt on line;for agents, for property,for loans, to save time.
Although contact will be initiated in cyber space, the transaction will always close with the human touch. Cyber space will never replace the agent.We take their dreams and goals and through our skills transform them into transactions. Bill Clemente

I would have to agree, technology will never replace the human touch. In today's marketplace,
I see technology more as a marketing tool and a means to get tasks automated and completed.
With online TMS and electronic signatures, and the internet, more and more sellers and buyers
will demand these technologies as a standard of customer care. We have yet to see what
technologies the baby boomers and echo boomers will bring to the table. Our industry has had
to make significant changes and adapt new technology based on the consumers internet savy
capabilities. The past 5 -7 years have been evolving with technology, question is...what will the next
5 - 7 years bring? How will we be adapting to the Cyber world? Are we ahead of the times or are
we behind? Brad Andersohn

I would love to know more about the electronic signature!

I'd love to help you out Marchel, can you webex? You can also access my website and Click on E-Signatures. Docusign is the company that supports winforms and zipforms online contracts. You should have an icon on your zipforms application. Let me know how I can help, that's why I'm here. Email, call, or send me a comment. Thanks Marchel and sorry for the delay in my response time.

I have heard quite a bit about electronic signatures, not sure what it is exactly.

E-Signatures is the ability to take your contracts, send them via e-mail, and have them signed electronically buy your clients, and then emailed back. Lot's of benefits to this, especially at the price of gas these days, and the traffic and travel times that are incurred to do it manually. go to www.docusign.com to find out more or just drop me an email, I can webex you a demo.

Brad,  Very interesting material.  Our organization is very active in moving this type of initiative forward, although we are in the early stages of implementation.  

We have actually accomplished being paperless (by the time the policy has been issued), by way of SureClose.  I'm somewhat familiar with the digital signature and notarization plans in development.

I believe the time savings will be significant when buyers and sellers can come to the settlement and have to sign their name only one time.  This can happen after they have reviewed and pre-signed (digitally) all the documents which don't require notarization.

We're still in the 2nd inning of a nine inning ballgame here.  We have a long way to go.

Hi,

I've used docusign.  My question for you is this.  Is there any way that you know of that you can send a form such as a real estate disclosure that needs filled in and have it signed by something like docusign?

Andy

E-Closing is on its way through SureClose and this allows for online notarization.  Of course, the notary will have to be in the same location as the signor, but the documents can be executed and notarized digitally.

Andy, VREO's Dashboard software is amazing.  It allows for full execution of documents, not just signatures.  It is just like putting pen to paper allowing for initials and comments. 

It works best with a tablet PC.  Most of the agents that we process transactions for are tablet users.  By having an online transaction processing team populate a disclosure package into the agent's transaction management system, the agent can save a lot of time and energy.  They can then import the documents into Dashboard as a single PDF and have the client sign them digitally on their tablet.  The documents then come right back into the TMS.  The entire system is paperless and with the time the agent just saved by outsourcing the admin part of it to the transaction team they can have a pleasant meeting with their client and look like a star! 

Beth

Andy, you can have a disclosure statement filled out by your client, but difficult to do electronically unless you do like Beth says in the comment above. Electronic signatures can be used on that document, buth the details of the disclosure would be difficult to setup in your docusign envelope. There may be more information out here on AR. You might want to do a search for this topic to get other experts opinions as well. Thanks for your comments, they are always welcome.

Thanks to you Beth, for sharing this with others.  One thing for sure, we will never be able to get our arms around the latest and greatest technologies available. They are coming too many, too quick. That's another real Value of this network, the ability to share with others and grasp as much as we can! Great comment, thanks!  :-)

Hi Brad.  Can you please webex me a demo also.  This sounds very interesting.  Sounds like something I would like to add to my business. 

Hi Audrey, if you go to www.docusign.com, they have a great sample and preview demo of how to use electronic signatures on your real estate contracts. If you have any questions or need additional support, let me know, I'd be happy to help you out.

I think that the electronic transaction is in our future, like it or not.

The only question I can see is recordable documents (mortgages, deeds).

Each county in Michigan has their own set of requirements as to what is and isn't recordable, there is no state requirement I know of. So in the future there may be areas where you can close electronically and areas where you can't.

And of course there will still be a segment of the population that would resist it. 

Terry,

You are right about the recordable documents.  There are 5 counties in Southern California that are already allowing electronic signatures.  The other issue will be with Promissory Notes.  Until all the lenders agree to digital signatures and the complete the development of the MERS secure note vault, we'll be signing those on paper.

Does this eventually put the notary out of business also? If we go to fingerprint or retina scans, how will the notary play a role?  Isn't the notary the one thing really keeping a transaction from going completely paperless? Maybe not today, but tomorrow and the next 5 years are bringing some un-comprehenable stuff to the tech industry. Web 2.0 and new multi-media platforms will dominate the internet like ER did for TV.
The times are definately changing with the tools, electronic services and soon, "True Virtual Real Estate". It's fun to fasten our seatbelts, and hang on for the ride, electronic signatures is just the beginning and the tip ofthe iceberg.

Hi Brad...Correct me if wrong, however I seem to recall Bill Clinton signed a bill into law making signatures by fax legal.

Since they now sell broadband fax machines how is this technology different from that,or is it a different take on that method.

Brad,

I don't know about other programs but with the SureClose e-closing software, it allows for digital notarization.  It blocks the document so that the signor cannot sign it unless the notary is also logged into the same computer to prove that they are both in the same place.  I agree with you, though, I think that eventually technology will replace the notary.

What are the five counties in S Calif that support esignatures? Does each office have to sign up? I still am not quite sure how it is all put together.

Hi Beth ..Saw your bio and perhaps you could answer my question.

Bob, you are correct, the Federal Government approved and recognized digital signatures back in 2000.  Digital signatures are legal and binding and this includes faxed signatures, documents that have been scanned into digital format, and documents that are executed digitally.  The last time I spoke with a legal rep. from the DRE they stated that the broker can have a completely digital file and as long as the file was digitally created and maintained throughout the transaction it is considered a legal and valid file.

When I meet with clients, I have them sign real estate documents on my tablet PC.  I'm usually generating those forms from Zipform (Winforms in CA) online or from my online forms library so the documents are never paper.  Although technology allows for the mechanics of making this happen and the industry as a whole has adapted, there are still some hurdles to get over.  Countrywide is the only lender that I know of that will accept digital signatures on their documents so far and even that does NOT include the Promissory Note.  Also, the county recorders are not equipped to handle digital signatures for recording purposes.  This will happen slowly over time county by county.

Thank you Beth..That answers my question.

Basically fax method is paper to electronic ,whereas E-signatures are signed straight on the screen.

Takes my cave man brain time to catch up.Thank you for the easy explaination.

Lol - behind every good caveman...;-)

Sandra, I was trying to find my article that I have that listed the 5 counties but I'm not finding it quickly.  I'll keep looking.  I do know that two of them are San Bernadino and Orange Co.  I believe one might also be San Diego.  I did find some documentation put out by the State of CA and CLTA.  Here is a good link that will give you some information on digital signatures: http://www.clta.org/e-commerce/electronic_transactions-details.htm

Brad is right, it is just a matter of time...

Bob - I know that the difference between the broadband fax technology, and e-signatures is the ability to avoid faxing altogether and not lose the quality of a first generation signed document. Check out their website and let me know what you think. We use this alot on the west coast.

Beth, I am aware of sureclose, but I had no idea they could incorporate notary electronically if my understanding of your comment is correct. That is totally awesome!!  Now, all thy have to do is let the notary be in a mobile location with someway to prove the signor is really who they say they are, and WHA-LA, you have the electronic, paperless transaction. I know this for sure.....it's coming!!  Thanks for your comment and input.   :-)

Sandra and Beth, I'm not sure that there is limitation to just 5 counties. As a certified trainer for Winforms, and e-signatures, we are instructed to inform new and existing users of the e-signature link that is built into the Online and Desktop versions of Winforms. They are the exclusive electronic signature company for CAR and the winforms contracts application.  We are using them in the 4 Bay Area counties, I have seen them being used in the Sacramento area as well, and it's spreading and catching on all over the state. I know many lenders that are using the same (e-signature) company, for getting signatures from borrowers on some of their documentation. 

Beth, thanks for the link to the clta.org site regarding electronic transactions. This is great stuff, hopefully many will learn and benefit from this post, your resources, and our networking.

Better hang on and fasten your seat-belts, our industry is in for a technology ride unlike any we've ever experienced. Thank you Sandra and Beth for your contributions to this post and our industry network.  :-)

Brad,  e-closing on SureClose is really cool.  It is still in the testing stages.  I have been lucky enough to be a beta tester for e-close for the past year.  As a notary, I can store my notorial information and stamp in the system.  When I log in, the system recognizes me and when I sign it imports all my info and my stamp.  We have been working with Stewart Title very closely in Santa Clara County and they are in the process of equipping some of their offices with tablet PCs in the conference room so they can handle digital signings.  I carry my tablet with me everywhere I go, so I usually meet the client at the realtor's office and handle the sign off there or at the client's home.

We work with a lot of people in the Bay Area and over toward Tracy and Sacramento.  I can't believe we are in such close geographic areas and haven't connected before.  I'm so glad that I found you on AR.  It is great to connect with people who "get" technology and all it has to offer.  Love your post!

Beth, sounds like an awesome tool. I'd love to see a sample.  Maybe a webex or centra demo online. Are you able to do a live online showing? We have created some very impressive platforms for First American customers as well. I have worked with someone from SureClose in Washington a couple years back, didn't realize you could do notary that way. WOW! Would love to see it. Let me know, hopefully we can hook up at a local Realtor event or something, we may have crossed each others paths at one in the past already.

Thanks Beth.

Brad, you bet.  I would be happy to show you how it works through GoToMeeting.

Let's try for this week or next, I have a crazy schedule, but would make time for you. Thanks Beth, you can use my jaxtr, cell, txt, or email to reach me. Let me know your schedule and where I might fit in. Thanks for your willingness to share, you rock!!

I have used Docusign since it came out--fabulous!  I wrote about it earlier this year.  Great investment. My clients love it.

Thanks Kat - I have many agents want to know about it, learn about it, but have yet to apply it as a regular part of their business.....give it time, that'll all change based on consumer demand!

A company called ConXPoint recently released a web-based suite that integrates e-signature features with a  web-conferencing tool. This enables agents to review and sign contracts online in different states as if they were in the same room together.

eNotary laws are being passed with the same vigor as as E-Sign and state UETA laws. Currently, around 25 states have an eNotary law on the books. It's just a matter of time.

Great information, thanks for sharing Jay, I really appreciate that.  One day, someone will look at this post and laugh while making that familiar comment "WoW, were they OLD SCHOOL or what?" LOL!  That's the future for ya.....Thanks...  :-)

My broker is slow to adapt, I recently had a contract where the seller and listing agent used an electronic signature and my broker kept asking me to have them resign a live signature.

Dee Dee -  it takes time for some to grasp these new technologies, others of us don't mind taking the arrows as pioneers.  Hang in there, soon it will just be the standard, just like email is...    :-=)

In PA, we had the first officially e-signing and it was successful....currently it is in I believe four or five counties....I had the training to be e electronic notary.  I haven't registered as of yet because it's still new to area or seen a large amount  of requests coming in as of yet.  However, I must it admit that I was concerned about the consumers' right to cancel.

Pamela - soon this will be an accepted and expected standard.  My friend just bought a Porche and the bank had her sign online for the loan. She never thought twice about it.  It was seemless and easy.  Today we have PayPal for online purchases, Web Portals for Autos and online purchases, it only makes sense that we will be signing for much more online as time goes on.  :-)

I like t use Docusignfor my clients - tey love using it and appecatethe ease if they ned to sign something in the middle of the night in their slippers.

Courtney - It's a great tool when needed.  Still many discovering the value of electronic signatures! :-)

Transaction managers are essential in today's Real Estate world.  If you don't have one, then you need to get one.  I suggest Settlement Room b/c I represent it.  But even if you don't get Settlement Room as your transaction Manager, you need to find one and implement it.  P.S. Love your Blog!

Cc

WORLDS BEST TRANSACTION MANAGER FOR REALTORS @ http://www.settlementroom.com/

I have thought about it several times but never got into it. Maybe my new broker will embrace it.

Christian - I am familiar with SR and love the concept and product.  Coming from the title and escrow end of the business, we were competing with similar programs.  I always liked that settlement Room was a non-competitor, and they had a product that not only offered many value added features, but the support and customer service was fantastic.  Thanks for taking the time to share your comment, and also for visiting my Blog.  :-)

Gene - I can say this, with the price of fuel these days, and the cost of travel coupled with the traffic population, I think you will see much more of this now and certainly in the future.  It's a great alternative, and adds value in that it saves time and money for you and your clients.

Update to my comment on 2/08.

The National Notary Association is meeting at the end of this month and the Uniform Law Commission is meeting October 3-5 to draft a Uniform Notarial Act. Changes are indeed coming.

I agree, this is so old school! We'll be laughing at ourselves 10 years from now. 

e-notary, thanks for coming back to follow up and share that information. I knew the ULC would be involved at some point, I'd love to see the draft they come up with.  I don't think it will be 10 years before we are laughing at this post, I'm laughing now. :-))

Glad to find your blog. Technology is already there and in production. I have a 25 year real estate background and wanted to find a way to streamline and get rid of the paper. Happy to report that we have now e-Signed, e-Recorded and e-Notarized thousand of transactions (Coast to Coast) and platform has been certified by County Recorders, Secrataries of States and Fannie Mae-complete electronic transaction is around the corner and will become the deFacto standard

Rick - can't stop technology can we? lol~  This will be a standard across the country in time, mark my words!