The Electronic Commerce Amendment Act, 2012 was introduced in the Ontario Legislature May 17. If passed, the legislation would facilitate the use of electronic agreements of purchase and sale by extending the legal protections afforded by the Electronic Commerce Act, 2000. At present, the Act excludes electronic documents, including agreements of purchase and sale, that create and transfer interests in land. Click on the link to view the bill.
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).
As technology becomes more and more accessible, this legislation would save time and money for both REALTORS® and consumers. Instead of a lengthy process of faxing, scanning and emailing documents, the REALTORS® and their clients would access agreements of purchase and sale through central portal. The documents could be accessed from a desktop, through an internet connection or even a mobile device.
The technology supporting electronic agreements of purchase and sale is secure and is widely used in the banking, insurance and U.S. real estate industry.
See OREA’s press release here.
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