For me, one of Bill Clinton’s finest hours was when he signed the Electronic Signatures in Global and National Commerce Act, popularly known as the E-Sign Act. This was on June 30th, 2000. Under E-Sign, digital signatures used in interstate and foreign commerce assumed the same legally binding status as old-fashioned, handwritten signatures.
I was thrilled! Real estate is a paper business. Electronic signatures make my business and my client’s life much simpler. Not to mention Green. Think about it. No faxing/emailing, printing out, signing, then scanning/faxing. Or driving around all over town to gather signatures. Arriving at the final document which was unreadable by anyone. We had to include an unsigned copy so everyone could read it.
Oklahoma was slower to act. Our former attorney general, Drew Edmondson seemed to like ink and unreadable copies also as he deemed electronic signatures illegal in this state. I don’t think anyone was happier than me to see him leave office. Finally in April of this year the legislature passed and governor signed into law, e-signatures for Oklahomans. We’re in the 21st Century now!
Edmond Mortgage Broker Takes Us Back To the 1800’s
Imagine my disappointment this morning when I heard from Jeff Straka of our office who received an email from an Edmond mortgage broker that his ‘investor’ would not accept an electronic signature on the real estate contract. He has the gall to send an un-wet-signed email. That’s progressive but contradictory. I’m rather surprised they didn’t send a telegram!
Now mind you, we’re talking about the real estate contract that really doesn’t concern the lender, they’re not even named in the contract. This is not the mortgage documents. There’s no telling what kind of archaic rituals they’ll have to go through at closing with those.
My thought…. They’ll have you sign with a quill pen, in front a justice-of-the-peace, seal it with a wax seal, notify everyone via telegraph, and deliver your papers via pony express.
Wish I could name names here, but I can’t. If you need a referral for a progressive, 21st century, mortgage banker who doesn’t make you jump through 19th century hoops, give me a shout — DocuSign used here!