May 26th - 2014

Government examines electronic signatures legislation

Electronic agreements of purchase and sale will mean faster and more convenient transactions for REALTORS® and consumers.

Computer screen and letter box merged

Computer screen and letter box mergedElectronic agreements of purchase and sale will mean faster and more convenient transactions for REALTORS® and consumers.

That’s why the Ontario Real Estate Association (OREA) is continuing to lobby the provincial government to put into effect new legislation that removed the exclusion of electronic agreements of purchase and sale (APS) from the Electronic Commerce Act, 2000.

At OREA’s urging, the provincial government’s 2013 budget bill repealed that exemption, moving the province a step closer to electronic transactions that save time and money for consumers and REALTORS®. Although the bill passed, it has not yet been proclaimed by the government, meaning that traditional paper documents must continue to be used until this last step in the process is complete.

The government reserves the right to create regulations before legislation becomes law, and the government is currently examining the question of whether additional regulations are needed. In turn, OREA has taken the position that additional regulations are not needed and is hopeful that the bill will be proclaimed in 2014. Once proclamation occurs, brokers, salespeople and consumers will benefit from the enhanced speed and efficiency that technology will bring to transactions.

The association continues to work with the government to ensure that the new legislation takes effect as soon as possible. For more on this issue, visit the Government Relations section of www.orea.com.

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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