Is a Paperless Real Estate Transaction Possible?

It's unfortunate that in our electronic age we actually use more paper now than ever. Our paper consumption has apparently doubled in the last 10 years.

One industry where there is tremendous paper use is the real estate industry. For example, condo sales (which are usually the most paper intensive sale due to the 2-3 inch thick HOA documents) can have a range of 300-500 pages in a disclosure packet. Multiply that by the number of hard copies that go out to agents & potential buyers and we're talking several dozen pounds of paper!!

It doesn't have to be this way. The industry is slowly transitioning over to less paper intensive methods including online disclosures and various levels of a paperless transaction.

Online disclosures are great since they can be emailed to clients. These pdf files also make it easier to locate specific items of interest through a key word search. I rarely print disclosures, but rather read through them online with my clients who then electronically sign that they've read and approved specific documents. I then organize my files on my hard drive within a client folder. I also have two off- site back up systems since computers will and do crash.

Through the technology that I work with: electronic signature, efax, and pdf'ing of documents, clients are able to read and sign the numerous documents & reports associated with a purchase or sale with minimal interruptions to their work and/or travel schedule. There is also a higher level of security due to password protection and not having to schlep around pounds of sensitive documents which have the potential to be misplaced. Lastly, there is the piece of mind in knowing that I'm playing a small part in reducing paper usage.

The paperless transaction is also moving into the escrow & lending segments of a transaction.

Of course, all this great technology can't be utilized by the rare individuals who don't have a computer, then it's back to the traditional methods of hard copies.

Here are a few more tips on going paperless.

Make it a great electronic day!