(Toronto, March 6, 2013) – 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 afforded by the Electronic Commerce Act, 2000.
The legislation comes in the form of a private members bill sponsored by MPP Todd Smith (Prince Edward-Hastings). It was first introduced by Mr. Smith and Liberal MPP (now Minister of Labour) Yasir Naqvi in May 2012.”Deleting the exemption from the Act will remove a cumbersome piece of red tape for the real estate industry and it won’t cost the province a dime,” said Ron Abraham, OREA President. “By enhancing legal protection for electronic agreements of purchase and sale, both consumers and REALTORS® can benefit from technology that makes real estate transactions more efficient, accessible and secure.”
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.”
“OREA would like to thank MPP Todd Smith for reintroducing this bill,” said Mr. Abraham. “It has broad support amongst all parties and we urge its speedy passage.”