May 5th - 2013

Enhancing electronic real estate transactions the goal of lobby efforts

Electronic agreements of purchase and sale save time and money for consumers and REALTORS®.

Electronic agreements of purchase and sale save time and money for consumers and REALTORS®.

That’s why the Ontario Real Estate Association (OREA) continues to lobby the provincial government for a legislative change to repeal the exemption of electronic agreements of purchase and sale from the application of the Electronic Commerce Act, 2000. A private member’s bill was reintroduced recently in the provincial legislature and OREA supports the key proposed amendment in the bill.

The current exception for real property transactions, including electronic agreements of purchase and sale, from the application of the act means that REALTORS® in Ontario are reluctant to take advantage of new technology to facilitate a real estate transaction. The bill proposes, among other things, to remove this exception. The bill passed second reading at Queen’s Park in March and was supported by all three political parties, moving it a step closer to becoming law.

“By enhancing the legal protection for electronic agreements of purchase and sale, both consumers and REALTORS® can benefit from technology that makes real estate transactions more efficient, accessible and secure,” says Phil Dorner, OREA president. “We are urging the government to pass this legislation as quickly as possible.”

If the legislation is passed, everyone will benefit from the enhanced speed and convenience of electronic agreements of purchase and sale that new technology makes possible. Transaction time is cut dramatically, from weeks or days down to minutes, regardless of distance.

The private member’s bill was first presented at Queen’s Park in May 2012 as a bipartisan initiative led by Progressive Conservative MPP Todd Smith (Prince Edward-Hastings) and Liberal MPP Yasir Naqvi (Ottawa Centre). That legislative session ended before the bill could be passed. It was reintroduced in the legislature as Bill 28 by Smith in March and OREA continues to urge legislators to pass it.

For more on OREA’s lobbying issues, visit the Government Relations section of the OREA website.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246