Electronic signatures and online leases have several benefits. These incredible technologies may assist landlords in particular.
What you will discover:
Is it permissible to accept electronic signatures on leases?
What are the benefits of an electronic rental agreement?
What are the drawbacks of having lease agreements executed electronically?
With more business being done online than ever before, new applications are now available to assist landlords in obtaining electronic signatures on leases. While some may be concerned, electronic signatures are widely regarded as the same as a handwritten signature. Electronic signatures and online leases have several benefits. We address some commonly asked concerns regarding electronic signatures and describe how landlords may utilize them to improve their property management game in this article.
Is it permissible to accept electronic signatures on leases?
For leases, electronic signatures are normally allowed. Electronic signatures on contracts, including leases, are now legally binding under the Electronic Signatures in Global and National Commerce Act. Electronic signatures have also been certified by state legislation and court judgments, which give further criteria for signature gathering.
Signing electronically is legally equivalent to signing with a pen. There may be objections to the legitimacy of a signature, but these issues are generally the same for written signatures as they are for electronic signatures. In the case of a lease dispute, for example, there may be identity verification procedures to confirm an electronic signature. The individual wishing to validate the lease may be required to demonstrate that the document was legally signed and not changed. This is analogous to a disagreement about whether a paper lease was lawfully signed or amended.
What are the benefits of an electronic rental agreement?
Save money and time: There will be no more printing expenses or the hassle of in-person lease agreements.
Fill vacancies more quickly: Using online documents and signatures will allow you to fill vacancies more quickly. You may send an electronic lease for an overnight signature after a potential renter completes a tour and application. This prevents you from losing them if they find another job before you can meet to sign the lease.
Reduce your paperwork: Leases may be lengthy, and each party will need a copy. Printing leases across all of your units wastes a lot of trees and expensive paper. Go green to avoid seeing red.
Easily customize: You may need to remember which addenda to bring out and which boxes to tick while working with paper leases. By directing you through a series of questions, an electronic lease application can automatically gather the necessary information.
Accelerate and simplify renewals: When the lease is due for renewal, just amend any details such as monthly rent and email it to your renter so they may sign on for another year.
What are the drawbacks of having lease agreements executed electronically?
There are not many drawbacks to having a lease signed online. Some renters may try to question the legitimacy of their electronic signature, but by adopting a verified signing procedure, this is unlikely.
Some renters may be hesitant to use an electronic signature or your chosen program. However, if electronic signatures grow, like they did during the COVID-19 epidemic, much of the skepticism will fade as they become commonplace in many aspects of our lives. If a renter is apprehensive, you should assist them through the steps. It is more efficient and easier for both landlords and renters to use customisable online documents with electronic signatures.
