On July 1, 2015, a 338 years requirement of having all buyers, sellers, borrowers and lenders of land to sign written agreements for the same will be sidelined when an amendment to the Electronic Commerce Act comes into force. The amendment will allow real estate agreements, deeds and mortgages to be signed electronically.
Although the amendment is expected to bring more convenient and timely carriage of transactions, the risk of fraud may sway some people away from it.