Real Estate Transactions Without All the Paperwork

By: Christian Jacobsen

Going paperless is a dream for many busy real estate agents, but until recently it was an intimidating prospect. However, new digital laws and creative real estate technology companies are helping make the switch less intimidating, and Realtors who've been ready for years can now leave paper behind, affordable. Without stacks of documents to move from place to place, real estate transactions are much faster and more economical. Many agents and investors working without paper can close more deals simply because they have more time - that kind of progress bodes well for the industry as a whole.

The road to a paperless real estate industry in the U.S. began in 2000, with the legalization of electronic signatures. While most real estate agencies, government branches, and investors lacked the technology to sign things digitally at that point, it was important legal hurdle that enabled many industries to look at paperless transaction methods. By the end of 2005, more than 60 counties (the primary storage point for real estate records) across the nation had developed electronic records management systems and that number has continued to increase steadily. Other government steps toward paperless real estate have included the Uniform Real Property Electronic Act, the Uniform Electronic Transactions Act, and the federal Electronic Signatures in Global and National Commerce Act.

Mortgage companies have also played a role in the switch to paperless real estate. In recent years the Mortgage Industry Standards Maintenance Organization has implemented many standards for electronic mortgages, which have been followed by lenders across the nation

With those two cornerstones in place the paperless real estate industry has been able to grow freely. Real estate title companies that have existed for decades are now offering paperless transaction closing services attracting thousands of new clients each year. All a Realtor has to do to get a paperless transaction started is fax or scan an original document and send it to the paperless transaction company. Once the paper has been digitized (usually to a secure website), paperless management companies enable both agents and investors to access the document and make changes as the closing draws near.

It may be easier than you think to liberate yourself from paper, and free up more time for your real estate business.

Real Estate
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 

» More on Real Estate
 



Share this article :
Click to see more related articles