Paperwork involving Real Estate deals has forever been an expansive affair. Binding approvals from diverse authorities is needed to complete a transaction. It has indeed been a complex process. However, realtors using eSignature for Real Estate documentation have now been able to keep all such hassles at bay.
A typical property transaction involves a surplus of paperwork including Sale Deed, No Objection Certificate from various departments, Agreement To Sell etc. All these documents can now be drafted online with express legal support. The fact that they can be eSigned from the convenience of smartphone or computer makes things all the more simple.
eSign Real Estate – How Does It Work?
1.Upload your document here.
Need help in drafting a property document? Click here
2. On the right side, click on Your Sign
3.Enter your Aadhaar and Mobile numbers to get an OTP
4. Enter the OTP to validate your eSignature
Should there be multiple parties involved, you just have to enter their email address or the phone number. A link that redirects to the document will be sent and those individuals shall follow the same procedure as above.
How To Register the eSigned Documents?
To register the documents, the concerned parties shall download the eSigned document and visit the nearest Sub Registrar office to get them validated.
The Karnataka Government has simplified this step too – You just have to mail the documents to the Sub Registrar’s office who will in turn eSign the documents.
Full Details Here: http://bit.ly/2hKSJXv
eSignature For Real Estate – Advantages
- Simplified documentation
- Saves massive turnaround time
- Eliminates any chances of fraud or forgery
- As legally binding as the physical (handwritten) signature
- Secure documentation as each document is verified by an Audit Trail
- Remote Access – Can be signed from any part of the world at any given time.
- Any person with an Aadhaar and Mobile number registered with the Aadhaar can make a eSign
Legality Of eSignature For Real Estate
Section 10 A of IT Amendment Act 2008 validates the agreements made through an electronic means. The Aadhaar based eSign is a Government of India backed initiative in its drive for a paperless economy.
Notably, the eSignature has proven to be a lot more efficient and secure than the traditional (handwritten) signature owing to the stringent Audit Trail that verifies the identity of eSignatories.
The Aadhaar based Electronic Signature has been a much-needed game changer in Real Estate as well as many other industries. The hassle of long queues/turnaround times and fears of bribe or manipulation has been neatly renounced while bringing in a sense of dynamism to the economy.
Buying or selling a property in India has never been simpler than the current times. Users are now able to draft legal documents online, without a need to visit the lawyer and eSign it without the need to step out of the office or home. More importantly, users now understand, that all these processes are as legally binding and more secure than the traditional, time-consuming ways.