Ontario Real Estate Assossiation (OREA) Endorses Bill to Enhance Electronic RealEstate Transactions

The Ontario Real Estate Association (OREA) applauds proposed legislation introduced today at Queen's Park that, if passed, would facilitate the use of electronic agreements of purchase and sale of real estate. Currently, Ontario REALTORS® are reluctant to use electronic
agreements of purchase and sale because they are exempt from the legal protections of the Electronic Commerce Act, 2000.

The legislation comes in the form of a private members bill co-sponsored by Progressive Conservative MPP Todd Smith (Prince Edward-Hastings) and Liberal MPP Yasir Naqvi (Ottawa Centre).

"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, OREA 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 Mr. Abraham.

In addition to improving transaction efficiency, the technology is also accessible. "Buyers and sellers can access agreements of purchase and sale through an internet connection anywhere in the world," said Mr. Abraham. "The technology saves both REALTORS® and consumers time and money."

Technology firms offer programs supporting electronic agreements of purchase and sale that ensures a high level of security, offering peace of mind to consumers and REALTORS®. That technology is widely used in the banking, insurance and U.S. real estate industry.

"Security and integrity are of the utmost importance," said Mr. Abraham. "Cutting edge encryption technology, identification processes and audit trails ensure that each real estate transaction is secure."

The Ontario Real Estate Association represents 53,000 brokers and salespeople who are members of the province's 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.

Source: Ontario Real Estate Assossiation (OREA)
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REAL ESTATE SNATCH is the independent real estate blog of Samir Safadi, Sales Representative of West-100 Metro View Realty Ltd, brokerage it is dedicated to covering Real Estate News, digital culture, social media and technology, providing analysis of trends, Market Data , reviewing new development. Offering Real Estate services resources and guides. Services are provided to prospective buyers and sellers of real estate by Samir Safadi, Sales Representative, West-100 Metro View Realty Ltd, brokerage, duly registered in the province of Ontario, under Real Estate and Business Brokers Act, 2002 (REBBA 2002) and Member in good standing with



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