Advantages of Paperless Real Estate Transactions
by Carrie Brown McWhorter
Jerry and Tina Popphan keep a busy schedule. In addition to running their own business, Jerry’s Plumbing in Carrollton, Jerry and Tina manage several real estate investments, including some subdivision lots. Paperless transactions using Dotloop have been a game changer for the Popphan’s.
“We’ve dealt with Duffey Realty many times in the past,” Tina said. “Often my husband and I would have to stop what we were doing, go to the office, and sign various documents. Now those documents are e-mailed to us, we sign them electronically, and send them back. It saves so much time on our end and on their end, and it’s so much more convenient.”
With Dotloop, everyone involved in the real estate transaction stays “in the loop”: the buyer, the seller, REALTORs®, lenders, attorneys, home inspectors, termite companies, and other professionals who are part of the deal. Each member of the team can get updates, so communication among members of the team is faster and more efficient. In today’s busy world, that makes a big difference in completing a real estate transaction in a timely manner.
“Many of our clients are traveling over the course of their transaction, and as agents, we are often on the go, too,” says Duffey Realty REALTOR® Whitney Davis. “With the new features of online signature programs, we can keep the transaction moving and up to date.”
This is true for transactions involving people who are not local to the property they may be buying or selling, says Dale Johnson, Managing Broker at Duffey Realty.
“Electronic signing allows documents to be signed during someone’s busy day without making a trip to the office. Most signatures can be completed on a smart phone, iPad, or PC, so buyers and sellers can be on a trip or at work and still accomplish the major tasks involved in the transaction.”
Another benefit of online transactions is that all parties in the transaction have more time to review the required documents. If errors are found, they can be corrected early. Errors like misspelled names can stop a face-to-face closing and add additional expenses for revising documents, rushing delivery on new documents, and taking time off to meet for signing. With paperless transactions, revisions are made quickly and the transaction can proceed.
“The old-fashioned way still works, but electronic signing systems like Dotloop have been a wonderful addition to the real estate industry for everyone involved in a real estate transaction,” Johnson said.
Having been in the real estate business for 30 years, another thing Johnson likes about paperless transactions is the clarity of records.
“In the past, we would have faxed copies to all the parties, and after a few times, fax copies tend to become hard to read,” Johnson said. “With online document sharing, we have clear, legible copies.”
Not only that, sellers, buyers, and others involved in the transaction can easily save documents in a digital format for future reference. That means less paper clutter and quicker access to documents when they are needed in the future.
“My customers love that Dotloop allows them to keep copies of all the documents that have been shared with them, and I love that I don’t have to carry around a load of active file folders in the backseat of my car,” Davis said.
“Real estate is all about the timing, which is why paperless transactions and electronic signatures have been such valuable tools for Duffey Realty REALTORs® in today’s market,” Johnson said.
Duffey Realty believes that your time is valuable, and we are committed to making the process of buying or selling your home faster and more efficient in every aspect. Together, Duffey Realty and Dotloop save your valuable time and get you into your new home faster! Call one of our experienced REALTORs® today to learn how paperless transactions can make your next real estate transaction the best one yet!