Victoria’s first electronic contract of sale executed entirely online
Victoria legal firm First Class Legal has executed the first electronic auction contract for a property in outer Melbourne suburb Greensborough, revolutionising the way people will buy and sell property in Victoria.
According to First Class Legal CEO Andrew Jarrett, “electronic property contracts are just as obvious a solution for a digital platform as are internet banking, internet shopping and internet bill paying. For the property market eContracts are an absolute no brainer.
“Before eContracts, the production and sending out of contracts had not really changed in 50 years. It was old school, inefficient, took large amounts of time and was out of step with the speed of modern business practices.
“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.
“Not surprisingly, real estate agents love them. What used to take hours to prepare, print and bind and days later for an agent to receive 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,” Mr Jarrett concluded.
In a historic transaction for the Australian property market, lawyer Claire Martin executed the first paperless housing transaction from exchange to settlement for an apartment in Sydney in July this year.
“And we are hot on the heels of NSW on this one,” says Andrew. “We are confident that this property in Greensborough will be the first property in Victoria to be executed entirely online from exchange to full PEXA settlement,” he predicted.
By way of background, legal search innovator InfoTrack has radically simplified cumbersome and time consuming property contacts with the launch of a ‘one-stop-shop’ which enables lawyers and conveyancers to order an entire Contract of Sale complete with Section 32, searches and certificates online.
In addition, the breakthrough Contract of Sale can be edited in the InfoTrack system, sent via email and signed electronically from any location.
“InfoTrack’s streamlined and efficient Electronic Contract of Sale saves practitioners an enormous amount of time and energy and is very much in line with our absolute commitment to developing innovative technology that improves our clients’ lives. ” says InfoTrack chief executive John Ahern.
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