World’s First VR Signing to Transfer Physical Land
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Talon Regent, owner of Regent Law in Moose Jaw, SK and creator of Easy eLaw, has successfully completed the world’s first Virtual Reality (VR) signing of purchase and sale documents for physical land. The event was filmed and can be viewed here:
The real estate transaction was for the purchase and sale of a residential home in Moose Jaw, Saskatchewan. Talon Regent purchased the property from Laura Fehr, a realtor at Century 21 Real Estate.
Both physical and virtual land has been on the market for decades, but the adoption of modern signing technology has been especially slow for physical land transactions. Governments are understandably concerned about the security and verifiability of new signing methods.
Mr. Regent described what motivated him to take this unique approach, helping to modernize the legal industry and launch it into the future. “I don’t know of any other lawyer in the world that has met with clients in VR to sign legally binding documents. I wanted to be the first! I want to help put Saskatchewan on the map as a community on the cutting edge, and I want people to see that the legal industry is investing in new technology.”
“Documents signed in VR are legally binding as long as the comply with The Electronic Information and Documents Act, 2000,” Mr. Regent explained. “This meeting adhered to those rules and the Offer to Purchase is enforceable.”
Mr. Regent doesn’t expect to sign many documents with clients in VR for several years, but he created Easy eLaw specifically to make the client experience as affordable and convenient as possible. He is experimenting with various other emerging technologies that might improve the client experience, including Augmented Reality, biometric signatures, and artificial intelligence.
For further reading, check out this article from the Leader Post!