Witness Signatures on Agreements of Purchase and Sale
These days, many offers are submitted to buyers and sellers at their homes via email and one of the common situations we run into is the lack of a witness being nearby to sign. In the past, it was generally not considered to be a problem as parties are signing under seal however, that has changed.
With the increase in identity theft, mortgage fraud and other such situations, financial institutions are becoming far more stringent in requiring that signatures be witnessed. While it is not required by law to make an agreement binding, the absence of such a signature can lead to more complications and additional paperwork down the line, especially where a mortgage may be involved.
Real estate buyers and sellers are well advised to ensure they get a witness to verify their signatures failing which, they should discuss the other options available with their REALTOR®.