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Digital signature: how it will benefit real estate transactions and what key aspects need to be paid attention to - Infobae
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www.infobae.com
August 22, 2024
The implementation of this technology seeks to reduce times and improve security in rental and sales contracts. The sector welcomes the improvement
By Jose Luis Cieri
The fully virtual digital signature, without the need for face-to-face procedures or physical devices, will probably increase its adoption in the real estate market (Photo: Freepik)
The recent promulgation of Decree 743/24 , which allows the digital signature of documents completely remotely, will mark a before and after in the Argentine real estate sector.
This change facilitates the digital signature of rental contracts, reservations and acceptances, among other documents, directly without the need for additional physical devices, such as tokens ( used to generate one -time passwords (OTP ) and cryptographic keys, providing an additional level of security in user authentication to access online systems and services.
The measure establishes that, from now on, identity verification can be carried out virtually, without the need to carry out any in-person procedure.
Daniel Bryn , from Zipcode and head of Monitor Inmobiliario, said that this technology will boost efficiency in real estate transactions. “The digital signature will bring greater security to contracts. This advance will allow users to obtain their digital signature with biometric validation using only their computer or cell phone, thus streamlining procedures and eliminating unnecessary delays due to transfers or face-to-face coordination,” he said.
The possibility of digitally signing documents in a sale or purchase, which usually takes between 30 and 60 days, could save up to two weeks of time. This tool not only provides convenience but also increases contractual security and reduces the possibility of fraud.
Another crucial advantage is that remote processing with digital signature facilitates operations in the various provinces of the country, and even with people who are abroad.
Bryn added: “Culturally we are not used to it and it surprises customers that it is usually a 5-minute process.”
The inclusion of digital signatures in real estate transactions offers multiple advantages, especially in terms of efficiency and convenience (Photo: Freepik)
The real estate sector has confirmed the legality of this type of signature. In the eyes of the law, this signature is completely binding and is already used in 188 countries. In addition, the technology used complies with the regulations as well as with international security standards.
Ezequiel Wierzba , CEO of Click Aparts, said: “Those of us who work in the real estate market will have to adapt to this digital change, which is clearly here to stay. This guarantees that operations carried out with electronic signatures are secure and legally recognized in multiple jurisdictions.”
Bryn sees this development as a catalyst for modernizing the business environment in Argentina. “Companies could emerge that offer surety bonds or guarantees for their clients, as well as the management of credits in banks digitally, simplifying the process for end users,” he said.
The inclusion of digital signatures reinforces contractual security and the protection of property rights, ensuring the legitimacy and consent of the parties involved.
"Whoever offers this differential as a free and intuitive procedure, with the simple use of a cell phone, will make the difference," he said.
Although the digital signature is legally valid, Bryn explained that “current regulations require a notary to verify and validate the act, ensuring that all legal procedures are properly followed.”
It is expected that professional bodies of notaries will issue new instructions to clarify these procedures.
Betting on electronic signature is betting on savings, since it allows you to avoid the use of paper, ink, printer and other accessories necessary to print, sign, copy and send documents (Illustrative Image Infobae)
Wierzba added: “The private sector will be able to develop customized solutions that simplify the digital signature process, creating new business models based on accessibility.”
On the other hand, although the digital signature speeds up the process, validation by a notary or lawyer is still necessary in purchase-sale transactions. He or she must certify that both parties agree and that the transaction is carried out within a legal framework.
The intervention of a notary is still necessary, which entails fees. These, added to real estate commissions and the costs of writing, sometimes represent between 5% and 10% of the total value of the transaction.
Although digitalization speeds up processes, the College of Notaries of Buenos Aires and the Province of Buenos Aires clarified that the deed process is not the biggest obstacle in terms of time. In a mortgage loan and deed process, the deed process takes up to two weeks, while the rest of the time is dedicated to credit qualification, appraisal and registry procedures.
“For rental contracts, where the intervention of a notary is not always required, digital signatures simplify the process and can generate significant time savings,” Wierzba concluded.
www.buysellba.com
Source:
Firma digital: cómo beneficiará a las operaciones inmobiliarias y a qué aspectos claves hay que prestarles atención
La implementación de esta tecnología busca reducir tiempos y mejorar la seguridad en los contratos de alquiler y compra venta. El sector ve con buenos ojos esta modalidad
www.infobae.com
August 22, 2024
The implementation of this technology seeks to reduce times and improve security in rental and sales contracts. The sector welcomes the improvement
By Jose Luis Cieri
The fully virtual digital signature, without the need for face-to-face procedures or physical devices, will probably increase its adoption in the real estate market (Photo: Freepik)
The recent promulgation of Decree 743/24 , which allows the digital signature of documents completely remotely, will mark a before and after in the Argentine real estate sector.
This change facilitates the digital signature of rental contracts, reservations and acceptances, among other documents, directly without the need for additional physical devices, such as tokens ( used to generate one -time passwords (OTP ) and cryptographic keys, providing an additional level of security in user authentication to access online systems and services.
The measure establishes that, from now on, identity verification can be carried out virtually, without the need to carry out any in-person procedure.
Daniel Bryn , from Zipcode and head of Monitor Inmobiliario, said that this technology will boost efficiency in real estate transactions. “The digital signature will bring greater security to contracts. This advance will allow users to obtain their digital signature with biometric validation using only their computer or cell phone, thus streamlining procedures and eliminating unnecessary delays due to transfers or face-to-face coordination,” he said.
The possibility of digitally signing documents in a sale or purchase, which usually takes between 30 and 60 days, could save up to two weeks of time. This tool not only provides convenience but also increases contractual security and reduces the possibility of fraud.
Another crucial advantage is that remote processing with digital signature facilitates operations in the various provinces of the country, and even with people who are abroad.
Bryn added: “Culturally we are not used to it and it surprises customers that it is usually a 5-minute process.”
The inclusion of digital signatures in real estate transactions offers multiple advantages, especially in terms of efficiency and convenience (Photo: Freepik)
The real estate sector has confirmed the legality of this type of signature. In the eyes of the law, this signature is completely binding and is already used in 188 countries. In addition, the technology used complies with the regulations as well as with international security standards.
Ezequiel Wierzba , CEO of Click Aparts, said: “Those of us who work in the real estate market will have to adapt to this digital change, which is clearly here to stay. This guarantees that operations carried out with electronic signatures are secure and legally recognized in multiple jurisdictions.”
Transformation
The expectation is that this new legislation will not only benefit landlords and tenants, but will also open up opportunities for the private sector.Bryn sees this development as a catalyst for modernizing the business environment in Argentina. “Companies could emerge that offer surety bonds or guarantees for their clients, as well as the management of credits in banks digitally, simplifying the process for end users,” he said.
The inclusion of digital signatures reinforces contractual security and the protection of property rights, ensuring the legitimacy and consent of the parties involved.
"Whoever offers this differential as a free and intuitive procedure, with the simple use of a cell phone, will make the difference," he said.
Validity
A recurring question regarding the implementation of this technology is its validity in purchase-sale transactions, where the intervention of a notary is usually necessary.Although the digital signature is legally valid, Bryn explained that “current regulations require a notary to verify and validate the act, ensuring that all legal procedures are properly followed.”
It is expected that professional bodies of notaries will issue new instructions to clarify these procedures.
Betting on electronic signature is betting on savings, since it allows you to avoid the use of paper, ink, printer and other accessories necessary to print, sign, copy and send documents (Illustrative Image Infobae)
Wierzba added: “The private sector will be able to develop customized solutions that simplify the digital signature process, creating new business models based on accessibility.”
Lowering costs
This method also helps reduce operational and administrative costs, eliminating the need to transfer physical documents and reducing time spent in face-to-face meetings.On the other hand, although the digital signature speeds up the process, validation by a notary or lawyer is still necessary in purchase-sale transactions. He or she must certify that both parties agree and that the transaction is carried out within a legal framework.
The intervention of a notary is still necessary, which entails fees. These, added to real estate commissions and the costs of writing, sometimes represent between 5% and 10% of the total value of the transaction.
Although digitalization speeds up processes, the College of Notaries of Buenos Aires and the Province of Buenos Aires clarified that the deed process is not the biggest obstacle in terms of time. In a mortgage loan and deed process, the deed process takes up to two weeks, while the rest of the time is dedicated to credit qualification, appraisal and registry procedures.
“For rental contracts, where the intervention of a notary is not always required, digital signatures simplify the process and can generate significant time savings,” Wierzba concluded.
www.buysellba.com
