Moose Jaw real estate attorneys say virtual reality technology could make future transactions more convenient and more affordable for clients.
Talon Regent, owner of Regent Law, created Easy eLaw. It’s an automated practice he says is designed to minimize costs for clients in completing transactions such as buying a home.
“Traditionally, lawyers have always required individuals to be present in a physical office to sign documents,” Regent said in a telephone interview Tuesday.
Regent purchased a home from realtor Laura Fehr, signed an offer through Meta virtual reality technology on November 2nd, filmed it as a proof of concept, and posted it on YouTube.
Regent, who is passionate about law and technology, said he knew contracts for VR products were concluded in VR, such as cosmetic features for VR avatars, but lawyers who met with clients in VR asked never As in this case, he signs legally binding documents. “I wanted to be first,” he added in the news release.
He doesn’t expect electronic signatures to become popular quickly or suddenly, but he wanted to highlight the possibilities and opportunities offered by embracing evolving technology.
Clients save time, fuel and parking costs. On the business side, virtual reality avoids the “significant” overhead costs companies typically pass on to their clients.
“It is not yet realistic to use virtual reality to sign land transfer documents at this stage, but it will inspire people, show them what is possible, and look forward to a future where these things become more practical. It’s important that we take these steps to ensure that we continue to work towards… more convenient,” said Regent.
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According to Regent, some of the documents required when buying a home allow for electronic signatures, including documents mandated by the Electronic Information Documents Act 2000, including video.
Others, such as land title transfer documents, are still governed by land title laws that do not allow electronic signatures, so those parts of the transaction were not captured as part of the video.
In a release, Regent noted that the adoption of modern signature technology for physical land deals is “particularly slow.”
In a telephone interview, he said the text of the Land Title Act is “vague” about electronic signatures, so the land title registrar has been negligent in its current interpretation and does not allow it.
“It would be nice if politicians could amend the land title law to remove ambiguity,” said Regent.
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Real estate lawyers tout VR as a valuable tool in future deals
Source link Real estate lawyers tout VR as a valuable tool in future deals