On April 8, 2010, Commissioner Dave Stevens announced that, effective immediately, FHA will begin accepting electronic signatures on “third party documents originated and signed outside of the lender’s control, such as real estate contracts.” This change is the first in a series of changes that eventually will permit more real estate transaction documents to contain electronic signatures, thus improving the efficiency of FHA mortgage transactions.
NAR President Vicki Cox Golder praised the move and commended FHA’s “refreshing attitude towards modernization.” NAR CEO Dale Stinton also noted that “the use of electronic signatures in real estate transactions is a valuable tool for the consumers and the real estate industry.” Since last fall NAR has been partnering with it REALTOR Benefits® partner, DocuSign, to help buyers and sellers sign bids and other closing documents online.
NOTE: Home sellers and home buyers are NOT obligated to use electronic signature – it’s a personal decision that must be based on individual situation, availability to provide “wet” signature, and comfort level with electronic signature.
NOTE: Electronic signature is useful for home sellers and home buyers who travel a lot and do not have immediate and timely access to scanner and fax machine – when time is of the essence.
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As your REALTOR, I provide both options for your convenience.
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Read HUD Letter related to electronic signatures.
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SOURCE: NAR, National Association of REALTORS
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