Here in California we have a lengthy Offer to Purchase contract along with a long list of real estate disclosures (some statutory), both state and federal, that are part of the typical residential real estate contract. Getting signatures and initials in all the required places, and keeping track of paperwork can be a challenge, but is certainly a necessity.
It becomes even more problematic when working with buyers and/or sellers who are out of the area.
Technology has made life much easier and faster, and faxing, or even better - scanning and emailing documents - is the way to go. And more and more of the other documents (escrow instructions, natural hazards disclosures, preliminary title reports) are now emailed in pdf form. Being able to store all docs electronically is so much safer and easier
More and more transactions are using electronic signature applications, such as Docusign, to complete the process to obtain the required initials and signatures from all parties, including the agents. It's faster, and can save money as opposed to over-nighting contracts, plus you get clean copies versus the old fashioned fax machine (wow, I remember the days when faxed signatures were not even allowed).
But there is a caution. Some lenders will NOT accept electronic signatures on the contracts, as I learned in one transaction. So we had to re-circulate the contract to obtain the necessary live signatures. Not a big deal, since the original emailed offer from my buyers was submitted as a pdf with initials and signatures anyway. The lender continued processing the file with the Docusigned documents while they waited to receive the live signatures in the contract to complete the file.
Docusign seems to be a cost effective application to use, beginning at $15.95/month, especially if there are multiple transactions. Thoughts? Anyone have good or bad experiences?
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