Posted by Charm_AL on 3/15/05 11:40am
Msg #25543

electronic signatures?

I'm having a brain cramp...

I had a signing service from CA tell me that they are going to be doing business this way in the near future. What is that? If it's what I'm thinking, isn't it still in some form of process, ie -working out the kinks and is it legal everywhere?

Reply by Art_MD on 3/15/05 12:03pm
Msg #25550

Do a search. This has had several threads.
States can't get together on notary wording, affidavit wording, etc. How they will ever get together on e-signatures is beyond me. Lots and lots of items would have to be resolved. i.e. security, forgery etc.
Was a big topic at one time. Then died.
Don't hold your breath.

Art

Reply by ColleenCA on 3/15/05 12:03pm
Msg #25551

This is basically an "electronic journal" with different companies offering software programs to utilize it. The NNA sells a program called ENJOA and they offer a class on how to utilize. It really looks quite interesting and I can definately see this as the wave of the future. The program itself is quite expensive so until other services start using it I will probably put off taking the class. However, I feel that it will be something we will all have to look into in the near future. As for the legality in every state, that is something I can't answer. Hope this helped a little bit.

Reply by Charm_AL on 3/15/05 12:53pm
Msg #25571

Thanks, I did a search using electronic and signatures and came up with one post
Anyway, I was curious as to how Mortgage Signers is going to implement this, she sounded pretty confident when she stated they were doing so and soon.

Reply by Art_MD on 3/15/05 1:45pm
Msg #25585

Re: e-signature - try msg 24914, 2704 n/m

Reply by Sherri-IN on 3/15/05 3:58pm
Msg #25611

I have posted on this before. As I stated previously this will be coming quicker than you think. I did a few electronic closings as a Beta test for the software. The borrower actual clicked a mouse to sign a document. I notarized documents with a digital certification. I know that there is 1 major title company that is ready to release their software for this. They will be using signature pads. The mortgage document won't always be signed electronicly this will be done based on if the county can accept an electronic document. If they can't you will have a paper document for signature.

If you plan on doing these you will want to gather as much informaiton on E-Commerce as you can find. There are very strict guidelines. Such as if a document is electronicly signed it can not also be wet signed. If it is one will void the other.

Reply by Gerry_VT on 3/15/05 4:03pm
Msg #25612

Electronic signatures are legal in the US for many purposes, including real estate, thanks to the e-sign bill (a report can be found at http://www.ftc.gov/os/2001/06/esign7.htm). However, nothing in the law requires the town or county clerk's offices, or equivalent, to accept electronic documents for recording. And, once an electronic document has been printed out, all the virtues of electronic signatures are lost, so I would not expect a print-out of an electronic document to be accepted for recording.

I have heard of a few county clerk's offices getting into electronic signatures, with selected title companies. I have not heard of it going mainstream.

Of course, many of the documents in a real estate closing do not have to be notarized or recorded. All of those could potentially be signed electronically. Heck, when I bought the house I now live in, I electronically signed a rider to the purchase contract concerning inspections.