Escrow E-Support: Group Supports Digital Signatures, But Has Concerns
June 14, 2000
Inman News Features
For the paperless real estate transaction to ever work, it needs support from everybody ? including settlement service providers.
Good thing the American Escrow Association is supporting the effort.
The AEA?s board of directors recently published a position paper on behalf of the group supporting electronic signature legislation.
However, the group says the final bill should take into account the ability of local recorders? offices to handle title documents electronically as well as parts of real estate transactions that include "formalities based on long-standing local laws, customs, practices and procedures."
U.S. House and Senate have been working on a compromise bill that would give digital signatures equal legal weight as written ones. Such laws have long been key to the paperless home-buying experience.
The AEA?s position paper was published in March and can be accessed on the group?s Web site under "News Flash."