Real estate lawyer touts VR as valuable tool in future transactions – Regina Leader Post
A Moose Jaw real estate lawyer recently signed a contract in virtual reality for a physical location, which he says is a first.
A Moose Jaw real estate lawyer says virtual reality technology has the opportunity to make future transactions more convenient and potentially more affordable for clients.
Talon Regent, owner of Regent Law, has created Easy eLaw, an automated practice which he said is designed to minimize costs for clients when completing transactions, such as buying a home.
Sign up to receive daily headline news from Regina Leader-Post, a division of Postmedia Network Inc.
A welcome email is on its way. If you don’t see it, please check your junk folder.
The next issue of Regina Leader Post Headline News will soon be in your inbox.
We encountered an issue signing you up. Please try again
“Traditionally, lawyers have always required that individuals attend to their physical offices in order to sign documents,” Regent said during a phone interview Tuesday.
Regent purchased a residential home from realtor Laura Fehr, signing an offer through Meta virtual reality technology on Nov. 2, which he filmed as a proof of concept and posted to YouTube.
While Regent, who has a passion for the law and technology, said he’s aware of contracts signed in virtual reality for virtual reality products, like a cosmetic feature for a VR avatar, he’s not heard of any lawyer who has met with clients in VR to sign legally binding documents as in this case. “I wanted to be the first,” he added in a news release.
He’s not expecting a quick or sudden uptake in electronic signatures, but wanted to highlight the possibilities and opportunities afforded by adopting the evolving technology.
For clients, it could save on time and the costs of fuel or parking. On the business side, “significant” overhead costs that firms would usually pass onto their clients could be avoided with virtual reality.
“Using virtual reality for signing land transfer documents at this stage is still impractical but it is important that we take these steps to inspire people, show them what’s possible and ensure we continue to work toward a future that allows these things to become more practical, more useful,” Regent said.
Some of the documents required when buying a home allow for electronic signatures, such as the documents covered under The Electronic Information and Documents Act, 2000, including video, Regent said.
Others, like land title transfer documents, are governed by The Land Titles Act, which does not allow for electronic signatures yet, so those portions of the deal were not filmed as part of the video.
In his release, Regent noted that the adoption of modern signature technology for physical land transactions has been “especially slow.”
He said during the phone interview that the language in The Land Titles Act is “ambiguous” about electronic signatures, so the land titles registrar errs on the side of caution in current interpretation and does not allow it.
“It would be good if politicians amended the Land Titles Act to remove the ambiguity,” Regent said.
The news seems to be flying at us faster all the time. From COVID-19 updates to politics and crime and everything in between, it can be hard to keep up. With that in mind, the Regina Leader-Post has created an Afternoon Headlines newsletter that can be delivered daily to your inbox to help make sure you are up to date with the most vital news of the day. Click here to subscribe.
Downtown Community Food Hub would operate at 1881 Broad Street, former site of an SLGA liquor store.
Flu cases are still on the rise in Saskatchewan, according to the Ministry of Health.
A scarcity of family doctors is putting pressure on emergency rooms, says the Saskatchewan College of Family Practitioners.
Food bank would pay $1 lease per year for 10 years, if approved. They’d also have two opportunities to re-up for another five year period.
Officials say the agency has already discovered about 25,000 cases of fraudulent payments tied to identity theft, ‘a scale we haven’t seen in the past’
Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.
365 Bloor Street East, Toronto, Ontario, M4W 3L4
© 2022 Regina Leader Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.
Leave a Comment
You must be logged in to post a comment.