Real Estate bill passes second reading

A bill introduced by Prince Edward-Hastings MPP Todd Smith passed a second reading at the legislature Thursday. The Electronic Commerce Amendment Act, which would allow for the use of electronic signatures on real estate transactions,  will now be sent to committee for consideration.

“This is a victory for realtors and it’s a victory for the legislative process.” Smith said. “The idea for this bill was actually brought to me by a couple of my constituents and it’s now well on its way to becoming a law.”

30 European countries currently allow for the use of electronic signatures on real estate transactions as do most Canadian provinces and American states.

“This piece of red tape was holding back Ontario’s real estate industry and getting it out of the way is an important step to helping that industry keep pace with technology.”

Smith said this is part of his efforts to reduce the red tape and regulatory burden facing small business owners in the province of Ontario.

“I’m working on other bills at the moment that would solve red tape issues in other sectors. Cutting red tape is a key plank in the Ontario PC platform for creating good jobs and getting Ontario’s economy back on solid footing.”