DocuSign is an American company, headquartered in San Francisco, which enables users to manage electronic agreements. It offers a program called eSignature which allows electronic signatures from a variety of devices. The company has been growing at a steady pace since the mid-2000s when it used mock trials to underline the admissible nature of DocuSign contracts in court, rooted in the fact that the document contains an encrypted log of the edits made.
When a document is created on DocuSign, it is encrypted and a unique hash is generated. When you check a signed document at a later date if the document has been changed since this is clearly visible since the hash will be different to the one stored by DocuSign at the date of signing.
DocuSign has announced that it is opening up a shop in Mexico. This move is part of the company’s strategy to promote the use of its DocuSign Agreement Cloud, a collection of applications that facilitate the management, preparation, and execution of agreements by real estate firms.
DocuSign Agreement Cloud is envisioned as a vital cog in the digital transformation of Latin America’s real estate market. Digitisation will add value in terms of a homebuyer’s security, time, and money. Indeed, Gustavo Brant, DocuSign’s Vice President for Latin America stated recently:
“When an organization uses DocuSign eSignature, it saves an average of $36 pesos in resources for each contract made compared to paper agreements. Furthermore, 80% of all successful transactions on our platform are completed in less than 24 hours and 44% in 15 minutes.”
Mexico’s real estate market, like many parts of the world, historically has suffered from a lack of transparency. Whilst DocuSign does not solve the issue of a lack of security of real estate-related records, this move away from paper agreements is promising. Increased digitisation will provide the region with lower costs, time saved, and increased trust in the system as a whole.