|
EVERYTHING YOU NEED ON E-SIGNATURES
Table of Contents
Legal Overview
News & Updates on Electronic Signatures
Resources Available through C.A.R.
Electronic signatures are slowly gaining momentum in the real estate industry. Although some financial institutions are reluctant to accept electronic signatures for the entire transaction including the loan, the real estate industry is gradually moving towards this standard which allows for greater accessibility and convenience. This page gives an overview of electronic signatures in general.
|
|
 |
Take a Webinar
|
Webinar Date (Click the link below to register for the webinar) |
Time |
Topic |
Presenter |
| 1/31/2012 | 9am -10am | zipLogix Digital Ink® | Fatima Sogueco |
| 2/6/2012 | 2pm - 3pm | zipLogix Digital Ink® | Fatima Sogueco |
| 2/21/2012 | 9am - 10am | zipLogix Digital Ink® | Fatima Sogueco |
| 3/6/2012 | 2pm - 3pm | zipLogix Digital Ink® | Fatima Sogueco |
What is an electronic signature?
An electronic signature is (1) an electronic sound, symbol or process (2) attached or associated with a contract or other document and (3) adopted by a person with the intent to sign. There are different types of electronic signatures.
What is a digital signature?
A digital signature is a type of electronic signature. There is a digital code attached or embedded in the electronic document. Not only does it uniquely identify the signer, but it ensures the original content of the document and uses encryption technology to prevent alteration. A digital signature provides a higher level of security than other types of electronic signatures.
Digital signatures permanently secure the identity of signers and the document’s contents. The signer’s digital identity is referenced within the digital signature at the time of signing. Once it has been signed, the document’s integrity is protected.
Are Electronic Signatures Legal in California?
Yes. The Uniform Electronic Transactions Act (UETA) (state law) and the Electronic Signatures in Global and National Commerce Act (ESIGN) (federal law) state that a document or signature cannot be denied legal effect or enforceability solely because it is in electronic form. Both laws allow electronic signatures to be used in real estate transactions.
The Federal Rules of Evidence and the Uniform Rules of Evidence generally allow for electronic records and their reproductions to be admissible into evidence. This includes electronic signatures stored in a computer or server.
More information about electronic signatures is available through C.A.R.’s Legal Q&A entitled “Electronic Signatures and Records in Real Estate Transactions.”
NEWS & UPDATES ON ELECTRONIC SIGNATURES
Which Governmental Agencies and Lenders are Accepting Electronic Signatures?
FHA - Mortgagee Letter 2010-14
Recent News on Electronic Signatures
COMING SOON
DRE and Dept. of Corporations’ Position on Electronic Signatures
Neither the Department of Real Estate nor the Department of Corporations for the state of California has officially endorsed electronic signatures, but both have indicated that they are acceptable for many real estate transactions.
RESOURCES AVAILABLE THROUGH C.A.R.
Integrated zipForm® 6 E-Signature Solutions
zipLogix Digital Ink™ is offered as a free member benefit from C.A.R. More information on this product is available at http://www.car.org/tools/zipForm6/esign/digitalink.
DocuSign® is offered on a monthly or annual basis via a subscription paid by the zipForm® user. More information is available at http://www.car.org/tools/zipForm6/esign/docusign.
Security and Authentication
Both zipLogix Digital Ink™ and DocuSign® are widely used electronic signature platforms, and use digital signatures or digital certificates to provide greater security and authentication. User authentication is leveraged by email, access (pin) code, and third party identity check. An electronic signature solution customarily furnishes an “audit trail” that includes the core elements required to detail all of the events that occurred in the signing transaction. The audit trail typically is a document with detailed, computer generated event information (date/time stamped, XML format).
What Forms Should NOT be Signed Electronically?
E-SIGN and/or UETA exclude certain documents from being enforceable under those laws, and thereunder it is recommended that they not be signed electronically:
Landlord – Tenant forms
Seller Financing Forms
Home Equity Contract Forms
Verification of Electronic Signature
ADVANTAGES OF ELECTRONIC SIGNATURES
Reduce Your Environmental Impact
Electronic signatures reduce waste, emissions and paper usage. You’ll substantially decrease the amount of carbon dioxide generated by shipping documents, burdens on landfills by keeping discarded paper out, and the toxic chemicals and destruction of forests required to manufacture paper.
Benefits for REALTORS®
1. Send documents to clients without printing, finding a fax machine or driving across town
2. Easily serve out of town customers
3. Reduce/eliminate signing mistakes
4. Protect your customer’s confidential data
5. Easily track the status of every transaction
6. Automatic routing of documents to each signer
7. Easily send reminders
8. Less prep time to populate documents and prepare them for multiple signatures
9. Save paper
10. Better serve your customers – faster and more convenient
11. Better image to customers with up to date technology
12. Close faster
Benefits for Buyers & Sellers
1. Faster and easier to sign
2. Better protection for confidential information
3. Fewer mistakes requiring corrections and additional work
4. Close faster
5. Much more convenient – no printing, faxing, driving
Contact & Support Resources
zipLogix Digital Ink™
DocuSign®
For further information email cs@car.org.
