Accessing, signing and storing documents of all kinds online is commonplace in today’s increasingly digital world. Nevertheless, many landlords are reluctant to make the switch from traditional pen and paper to digital. Of course, it’s important to be cautious about making major changes to your business, particularly those that have legal implications. But, some of the wariness surrounding online leasing is unwarranted. Misconceptions are driving much of the apprehension. Trust us, signing leases online can save you and your tenants a tremendous amount of time and headache.
Here are the five most common myths about online leases:
Online leases aren’t legally valid.
Electronic signatures aren’t secure.
Leasing online is more trouble than it’s worth.
Online leasing is for the tech-savvy.
Online leasing is too costly.
Let’s take a minute to examine your doubt and dispel your hesitancy by reviewing these five myths:
Myth #1: Online leases aren’t legally valid.
The eSign Act that President Clinton signed in 2000 ensures that electronic rental agreements are 100 percent legally valid. As long as your lease contains all the basic terms of tenancy (which every lease should have already), the electronic signatures on the lease have the same legitimacy and enforceability as a hand-signed document. Additionally, the Uniform Electronic Transactions Act (UETA) grants electronic documents the same at the state level, so they will hold up in any court in the U.S.
Myth #2: Electronic signatures aren’t secure.
A wet signature refers to a traditional pen-on-paper approach to signing. It’s unique to you, it can’t be hacked, and it’s stood the test of time — right?
On the ……