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Daily Real Estate News  |   February 16, 2011  |   Using Electronic Signatures Smartly
Real estate agents must recognize the advantages and potential pitfalls of electronic signatureswhich reduce paper usage, eliminate the need to fax numerous documents, and facilitate document storage and retrieval. However, some states do not allow electronic signatures for certain transactions or accept them by some individuals and institutions.

While security features are in place, it is possible for agents to misuse the principals' signatures and create fraudulent documents. Passwords and codes should not be shared between spouses as away to get around the security protections.

Moreover, experts say laws do not specify a method for obtaining authorization from principals to use their electronic signatures. And it is important that clients continue to have sufficient face time with agents who use the technology, and that they make sure to fully explain documents to them.

Source: "Good Things and Not-So-Good Things About Using Electronic Signatures," Realty Times (02/15/11)

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