Updated legislation would cut real estate red tape

The Ontario Real Estate Association is applauding proposed legislation to allow electronic signatures on real estate agreements currently exempt from legal protections.

The Electronic Commerce Amendment Act is a bill co-sponsored by Prince Edward-Hastings MPP Todd Smith, PC Party’s critic for small business and red tape, and Ottawa Centre Liberal MPP Yasir Naqvi.

Smith said the “common sense” bill would cut provincial red tape and updates the Electronic Commerce Act, 2000, created before the extensive use of computer software and smartphones.

“Enhancing legal protection for electronic agreements of purchase and sale will allow consumers and realtors to benefit from technology that makes real estate transactions more efficient, accessible and secure,” said Ron Abraham, Ontario Real Estate Association President.

Electronic agreements of purchase and sale improve transaction efficiency by reducing the time required to complete the deal.   “All parties can access agreements through a central portal, eliminating the need to fax, scan and email documents back and forth,” said Abraham. “Buyers and sellers can access agreements of purchase and sale through an internet connection anywhere in the world.”

He noted technology firms offer programs supporting that ensure high level security widely used in the banking, insurance and U.S. real estate industry.

The Ontario Real Estate Association represents 53,000 brokers and salespeople who are members of the provinces 42 real estate boards. OREA serves its members through a wide variety of publications, educational programs and special services. The association provides all real estate licensing courses in Ontario.