Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Laywer makes history with first paperless property sale

Melissa Coade 1 minute read

The $510,000 sale of a one-bedroom home in Sydney is Australia's first property transaction executed from exchange to settlement without a single piece of paper.

The historic transaction saw a one-bedroom apartment in Dee Why sold to its new owners by Kreisson Lawyers property lawyer Claire Martin. Infotrack eContracts and eSigning platforms were used in the paperless transaction.

According to the Australian Financial Review, the sale has been confirmed as the first “end-to-end electronic contract and e-settlement transaction” for retail home owners.

Advertisement
Advertisement

“It gives new meaning to the term online shopping because now we can include online property,” Ms Martin said.

Ms Martin credits workflow technology company InfoTrack with transforming the conveyancing process.

“The entire process – from exchange to settlement – can be done anytime, anywhere in the world irrespective of the number of signatures required on the contract and everyone is a winner. InfoTrack disrupted our complacent market recently when it launched sign2exchange with its eContract offering,” she said.

“We are on the cusp of a digital revolution,” she added.

PROMOTED CONTENT


Ms Martin received money from her sale within 10 minutes of completion using an electronic contact for sale and e-signing technologies. The electronic transaction was facilitated by the government’s national electronic conveyancing initiative, PEXA, which allows online transactions between buys and sellers, land registries and financial institutions.

Since PEXA’s launch in 2010, all e-settlements since involved a physical exchange of contracts until the paperless sale of Ms Martin’s Dee Why property.

[Related: Queensland gains access to online property exchanges]

 

Laywer makes history with first paperless property sale
default
TheAdviser logo
default

 

more from the adviser
uptick Broker market share surpasses 60%

More than 60 per cent of residential mortgages were written by br...

anna bligh ABA calls for best interests duty clarification

The banking association is calling on government to provide great...

KAte Carnell ASBFEO New business funding guide released

An updated Business Funding Guide for brokers, accountants and o...

FROM THE WEB