Say Hello to Smart Contracts™
OREA’s most intelligent forms…ever
Despite the many software options Ontario Realtors have to go paperless, they are left with exactly that — many options. A series of different tools is required to achieve a full digital workflow, ex: Webforms for drafting, e-signature tool for signing, a PDF editor for amending and so on. Not all of these options speak to one another so it typically forces users to drag PDFs from one system to another.
PDFs inherently are static images so when you upload a prepared offer into an electronic signature tool — it has no context to what you uploaded. In turn, users have to tell IT (the software) on what needs to be done, where sign tags need to go, etc. The same goes for amending a PDF. This fragmentation causes lack of context which then leads to inefficiency, extra time and paperwork errors.
By understanding this problem, our team tinkered with various ideas, solutions and ultimately created Smart Contracts™ — your standard OREA forms with added assistance. Smart Contracts™ are designed to allow users to complete the entire contract workflow in 1 place and provide assistance throughout the entire paperwork process.
By understanding what form, field and task Realtors are trying to complete, Smart Contracts™ can assist in these key scenarios:
Drafting an offer together
- Pre-populating your document with information pulled from MLS system
- Sync recurring fields so you never have to update the same field twice. Ex: enter the property address in your Agreement of Purchase & Sale and have it auto-populate in your Offer Summary Document
- Notify of empty fields, incorrect closing dates, expired irrevocability, mistyped text before signing or sending to others
Signing with a client
- Automatically place initial and signature tags where buyers, witnesses, spouses and other parties need to sign. This eliminates the need for Realtors to manual mark where their clients need to sign — a common process when signing on paper or using electronic signature tools
- Automatically update what needs to be signed depending on what’s inputted in the document. Ex: If a buyer representation agreement is dated longer than 6 months, Smart Contracts™ automatically knows to instruct buyers to initial beside the appropriate acknowledgement
- Prompt signees to sign in correct sequence. Ex: A party is only able to sign the Acknowledgement section if all other sections have been fully signed off
- Automatically track signature progress of each party so nothing gets missed
- Allow for in-person and remote signing sessions
Sending documents to others
- Notify the sender when your recipient has opened your document
- Identify role-specific permissions of what each party is able to do in an agreement. Ex: A listing agent can edit & sign an agreement whereas a buyer can only sign
- Allow non-DealTap users to collaborate on the document(s) without an account
Making amendments
- Parties can make amendments directly on the document without need to print, scratch out and re-scan documents
- All amendments made by each party is tracked and highlighted in yellow for all to see
- Re-signing is prompted on pages where changes have been made so no changes are approved without party consent
- A collection of changes made by each party is stored as separate versions (a.ka. counter offers) in the document history
Closing
- From the moment a document is created, all subsequent actions including edits, signatures, shares, opens done by each party is tracked in the audit report
- Each tracked action is explained, date & time-stamped, IP logged, user-email attributed
To test drive Smart Contracts™ and see how they can streamline your upcoming offer, click here to create your free trial of DealTap.
