Real estate can be a high stakes legal game. There is the fact that buying and selling property is often the largest transaction most people will ever undertake, together with the added risk of homelessness if it goes wrong. As an agent, you want to work with the best interests of your clients in mind while also making sure you are protected. Here’s how digital forms and contracts can reduce your legal risk.
- Digital contracts are updated with changes promptly
Legislation that affects real estate transactions – whether that’s buying, selling or renting – changes regularly. When that happens, you want the security of knowing that the contracts you use are up to date and reflect the latest changes so that you’re not exposed to legal issues. With Forms Live, the contracts inside our platform are monitored by the legal team at Victorian legal powerhouse Collins Biggers & Paisley. The system automatically replaces old contracts and will alert you letting know about the updates minimising your legal risk.
- One source of truth reduces edition errors
When you create a digital contract for a client, you create a centralised document. While the document is in draft form, the client can advise of any changes required, but once the form is finalised, the document is locked down as a secure PDF ready for signing. This document is attached to your client record inside your CRM which in most modern CRMs creates a digital data trail. This is a much more secure method than having multiple versions of a contract emailed or posted. It reduces the likelihood of an incorrect version being used – and can protect against the wrong people getting hold of the paperwork and the risk of fraud.
- Every interaction on the form is tracked
Each time someone in your office uses a digital form or contract, fills in a section, signs, or forwards a copy to another an electronic record is captured, identifying the date and time that the activity took place. This creates a digital log of activity that occurred to the document. These digital logs can be provided as evidence when needed to prove that a document was signed, that the correct version was used, and that a contract was both sent and received.
- Digital documents are hard to lose
Digital forms are located in the cloud and should be linked to your client files in your CRM. This means they can’t be misfiled by an office junior or accidentally stored on a desktop. It also makes searching and finding documentation super easy – just type the name of the client or an address – or a keyword – and the digital forms system will find all related documents. This can reduce by days the time it takes to pull all your information together to demonstrate compliance.