No Signature Real Estate Contracts
April 7th, 2006 by jhampton
Isn’t it the world’s worst when you’ve spoken to someone or received an email outlining an agreement and then you work to find or invest in property just to find that the other party forgot exactly what they agreed upon.
Although it is not a new law, it’s one that is fairly unknown. In 1999 the federal government passed the Uniform Electronic Transactions Act.
The UETA basically permits the writing and signature to be by either email or fax, or even a voice recording, doing away with the requirement that there must be a physical document that all parties must physically sign.
Whereas the law in general is usually years and eons behind the rest of society and is normally playing slow catch-up, for once it actually got to the starting line pretty early and has been racing to catch up ever since. In the case of the UETA, it has amazingly been adopted by 48 states* and Congress in whole or in part–all in less than 7 years.
Whereas the law in general is usually years and eons behind the rest of society and is normally playing slow catch-up, for once it actually got to the starting line pretty early and has been racing to catch up ever since. In the case of the UETA, it has amazingly been adopted by 48 states* and Congress in whole or in part–all in less than 7 years.
Basically, if you have emails that outline a deal and the person fails to follow through, you have a binding legal document that can be settled in court.
Keep those emails and make backups and on the other hand, be careful what you promise.
Posted on Friday, April 7th, 2006 at 3:36 pm In Real Estate Investment