Heard that the Form 18A can now be electronically executed? Big news, right?! Here’s what you need to know before you get started.
The standard form General Tenancy Agreement, also known as the Form 18a, is now able to be executed electronically.
The REIQ advocacy team has been lobbying the RTA around electronic signing for around 18 months and recently the RTA provided the REIQ with assurances that it would accept electronically signed documents and agreed to remove the Witness Signature provision.
Removing the Witness Signature provision was critical to being able to have the Form18a electronically signed.
Under the Electronic Transactions (Queensland) Act 2001 if a document needs to be witnessed, essentially, it must be signed with a pen and paper.
This Witness Signature provision was the obstacle to being able to execute the form electronically. The RTA has agreed the form does not need to be witnessed.
What does it mean?
Property managers can now have the Form 18a executed using electronic signatures. Be aware, you will still need an electronic signature platform (DocuSign is the most common and is integrated into Realworks, which makes it oh so easy to get your forms created and executed all within one environment – easy peasy!).
This means no more paper contracts! This means saving you time and money!
It also means that the Form 18a can be signed when your client is overseas, interstate, at home binge-watching Game of Thrones, or just too busy to print out the document, sign it, scan it and email it back to you. (Or drop it in the post!).
That’s four steps (four pretty big pain points) that have been simplified!
Whoa! Important bit coming!
Before you rush off to submit the Form 18a electronically, be aware that you must still comply with the statutory requirements to get consent from the parties to conduct the transaction electronically.
There must, among other things, be a method used to indicate the party’s intention in respect of the information contained in the document together with consent to sign the document electronically.
The REIQ has amended the special terms that sit behind the Form 18a in Realworks and they are now live!
Key points to remember:
- No need to get a witness to sign the Form 18a
- You must, amongst other things, obtain consent from all parties to execute the contract electronically
- You will need a reliable and trusted electronic signature platform provider such as DocuSign, in addition to your Realworks subscription
More big news!
The Form 6 is the next cab off the rank and we are hoping to have similarly exciting news about that soon!
Be first to know
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