e-signature? You just bought that house. - Posted by Stacy (AZ)

Real Estate Investing
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Posted by Bert G on February 01, 2000 at 14:25:51:

Great post. I’ve sent your points on to my Congressional delegation. Might I suggest the rest of us do the same.

BG

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e-signature? You just bought that house. - Posted by Stacy (AZ)

Posted by Stacy (AZ) on February 01, 2000 at 12:54:04:

Interesting article about the house passing e-signature legislation. I wonder how you get one of these things notarized?

http://www.cnn.com/2000/TECH/computing/01/31/esignatures/

Stacy

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Re: e-signature? You just bought that house. - Posted by Rob FL

Posted by Rob FL on February 01, 2000 at 13:57:27:

The Florida Association of Realtors had a long article about this in their magazine this month. Quite interesting. Here are some of the things that get me concerned:

  1. The thing that helps reduce forgeries is a notary. Notaries would be scanning their signatures, stamps, and seals into the computer and ultimately onto the internet. How hard is it for an 11 year old to cut and paste that image onto any document they want too, including a deed that sells your house to a buyer who lives in Pakistan?

  2. Promissory notes under common law must be a paper document. Why? Because there can only be one original. When the note gets paid, the original gets stamped as paid in full. Now with electronic signatures, who could tell the original from a copy. When you sell a promissory note and mortgage on the secondary market, you are supposed to give the buyer the original promissory note. Potentially it might be difficult to prove who actually holds the original note. Working in the title business, we always make sure that the borrower only signs one promissory note and not any of the copies floating around. Otherwise he may be liable for more than one note.

Things to think about anyway.