The sale of a property in the outer-Melbourne suburb of Greensborough is the first sale transacted completely online in Victoria.
Victoria has seen its first property sale transacted completely online. Legal firm First Class Legal oversaw the electronic contract for a property that was sold in the outer Melbourne suburb of Greensborough.
The technology is the latest step in a revolution that looks set to change the way people buy and sell property. Lawyer Claire Martin conducted Australia's first paperless housing transaction from exchange to settlement in Sydney in July this year.
"Electronic property contracts are just as obvious a solution for a digital platform as are internet banking, internet shopping and internet bill paying," said First Class Legal CEO Andrew Jarrett.
“Before eContracts, the production and sending out of contracts had not really changed in 50 years," he said.
“Ink and paper contracts were printed with five copies, bound using an archaic legal tape, took hours to prepare, bind and then post or courier.
"With this ground-breaking eContracts technology, leading legal tech provider InfoTrack has shaved off hours of preparation and days of waiting time. In our experience eContracts are lightening quick," he said.
Jarrett said that real estate agents support the new technology.
“Not surprisingly, real estate agents love them," he said.
"What used to take hours to prepare," he said, "now takes less than 20 minutes. An agent can seal the deal almost immediately on an ipad after a prospective buyer indicates they want to buy a property,” Jarrett concluded.
InfoTrack, an innovative legal search company, has launched a ‘one-stop-shop’ that enables lawyers and conveyancers to order a Contract of Sale with Section 32, searches and certificates online. The Contract of Sale can be edited online, sent by email, and signed electronically.
“InfoTrack’s streamlined and efficient Electronic Contract of Sale saves practitioners an enormous amount of time and energy," said InfoTrack chief executive John Ahern.
See also:
Digital disruption set to lower costs of selling property