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home/Knowledge Base/Lease Management/How does e-signature work?

How does e-signature work?

7 views 0 December 1, 2022 Updated on December 7, 2022 mippsupportadmin

E-signature is used as a replacement for handwritten signatures, which significantly improves the efficiency of property managers. The usage of e-signatures removes the necessity of a physical presence to oversee lease documents, allowing flexible time management opportunities. The benefits of using e-signatures are immense in any company. However, how do they work for Mi Property Portal’s automated system?

The Mi Property Portal e-signature process starts as soon as a system-generated lease is created and then approved. For information on how to create a new lease, go here.

The steps towards e-signature go like this:

1) Property manager drafts the lease from the admin portal.

2) A message will show up informing that the lease has been successfully created. However, approval is now required to send the lease to the prospective tenant as a PDF. Once an admin with access to the portal approves the lease, we move on to the next stage, where we await the tenant’s signature.

3) The next step: An email can be sent out to the prospective tenant with a PDF file of the lease in order to get the validation of the tenant. This can be sent from the portal at the property manager’s time of choosing. The email is not automatically sent out to the tenant(s). We can also add additional documents if we want to send them to the tenant (Additional documents can be added to the system from the ‘Document Management’ section).

The mail will say “Lease Signature Requested”, with a validation code required to access the lease. By clicking on the link provided, he/she is redirected to a validation page where the code needs to be provided. Emails are also sent out to co-applicants (which can be spouses, parents, or any guardian) and additional tenants so that they have the opportunity to sign too.

E-signature is used as a replacement for handwritten signatures, which significantly improves the efficiency of property managers. The usage of e-signatures removes the necessity of a physical presence to oversee lease documents, allowing flexible time management opportunities. The benefits of using e-signatures are immense in any company. However, how do they work for Mi Property Portal’s automated system?

The Mi Property Portal e-signature process starts as soon as a system-generated lease is created and then approved. For information on how to create a new lease, go here.

The steps towards e-signature go like this:

1) Property manager drafts the lease from the admin portal.

2) A message will show up informing that the lease has been successfully created. However, approval is now required to send the lease to the prospective tenant as a PDF. Once an admin with access to the portal approves the lease, we move on to the next stage, where we await the tenant’s signature.

3) The next step: An email can be sent out to the prospective tenant with a PDF file of the lease in order to get the validation of the tenant. This can be sent from the portal at the property manager’s time of choosing. The email is not automatically sent out to the tenant(s). We can also add additional documents if we want to send them to the tenant (Additional documents can be added to the system from the ‘Document Management’ section).

The mail will say “Lease Signature Requested”, with a validation code required to access the lease. By clicking on the link provided, he/she is redirected to a validation page where the code needs to be provided. Emails are also sent out to co-applicants (which can be spouses, parents, or any guardian) and additional tenants so that they have the opportunity to sign too.

4) After accessing the lease, the tenant now reads through the lease and signs on a space provided on the left-hand side. It is also crucial that the tenant goes through the terms and conditions underneath the signature area.

5) Once the e-signature is provided, the prospective tenant(s) are told that their information has been submitted successfully. A message comes up on the page saying: “YOUR PROPERTY MANAGER OR LANDLORD WILL VALIDATE THE LEASE AND WILL COMMUNICATE WITH YOU REGARDING NEXT STEP”. So after the prospective tenants and/or co-applicants have submitted their signatures, it is now the landlord’s turn to sign and validate the lease.

This is how the Mi Property Portal e-signature process works. The pictures provided should help us understand the mechanism better.

6) What happens after the tenant signs the lease document? The property manager gets an email (or more depending on applicants) that the tenant has signed the lease. An email is sent to the landlord/property manager. The property manager then checks the signature to verify. If, for some reason, he/she thinks the signature is invalid or inadmissible, the property manager has the opportunity to revert back and resend the email to the tenant. The signature would not be verified in that case.

If the signature is good, the property manager then marks it complete on the portal. He then sends an email to the landlord by clicking the option from the portal. The process of the e-signature comes into play again once the property manager marks it complete by verifying this second round of e-signature.

Can the same thing happen with existing leases? Can e-signature work in that case? No. E-signatures only work if a new system-generated lease is created fresh, that is the only flaw in this otherwise perfect process.

For more FAQs related to leasing signatures and related processes, go here.

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