Everything you need to know about electronic property exchange
Recently, Australia’s property market has stolen the spotlight as the first online property transaction was recently completed, leaving behind the days of paper trails. This futuristic leap forward is a way of reducing delays, minimising costs and ensuring new homes continue to be developed and sold at a sustainable rate.
This online transaction was carried out via intuitive AI which significantly reduced the time it took for property professionals to key in the data required for the transaction. In total 28 apartments were settled via this system for the Pace Development Group’s latest build. It’s a fantastic way of streamlining property settlements, it gives those working on the purchases the ability to view transactions online, to see exactly what stage negotiations are at and experience a clear snapshot before moving on to the next stage.
Electronic property exchange is an online service, which allows conveyancers and buyers to exchange contracts and make payments without delay and all on one easy to use platform.
This change is happening in Australia, but are there plans for it to be used in the UK?
It would certainly make things easier for the likes of First Urban, for example, and the developers whose business it is to acquire new land as they would be able to exchange properties quickly and efficiently without the need for long meetings or form filling.
E-conveyancing significantly frees up time for conveyancers to focus on the more important aspects of their role, instead of filling in forms they can be carrying out thorough searches for clients, ensuring deadlines are met swiftly and manage a client’s move much more personably. Settlements can be made on the same day, which works in both parties’ favour – the buyer gets into their home at a much quicker rate and conveyancers can invoice sooner.
While we don’t have to attend settlement meetings here in the UK, when transferring the sale of a property, in Australia conveyancers and buyers must meet to sign the final paperwork so this new system removes any of that delay with arranging meeting times and locations.
It’s also great news for the environment. With no paper forms to fill in, wastage is significantly reduced and for many of us digital workspaces, file sharing and document storage are all common place nowadays throughout our everyday lives.
Considering how simplistic the concept is, one might wonder why it has not been implemented sooner, however the right software and support is needed. Now that this is more widely available we could witness a major shake-up in property settlements and how they are carried out across the world in the near future.
