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TODAY'S OTHER NEWS

Online agent allows "legally-binding" contracts to be exchanged online

easyProperty has become the first online estate agency in the UK to link with an online platform that permits the exchange of legally binding contracts online.

The technology will be supplied by Clicktopurchase, a firm that has until now often been associated with online auctions and some commercial deals. It describes itself as the first - and currently only - platform in the UK to enable clients to buy and sell properties securely over the internet.

Purchasers can submit an online offer which ClickToPurchase says “generates a legally binding offer to treat in the form of a draft Memorandum of Sale with an encrypted buyer’s digital signature.” 

Should the vendor wish to accept the offer “the agent is able to do so through an interface whereby the contract note is digitally signed on behalf of the seller and the transaction is legally exchanged instantly.”  

  • Richard Rawlings

    Finally - an excellent initiative from an online agency! It's a classic example of a customer focused opportunity to excel that something only a handful of traditional agents have been doing offline -binding offer documents. It really isn't rocket science!

  • Trevor Mealham

    Sounds positive. This type of e-signature happens in the USA, so why not here.

    And why not - a good evolvement

    Jon  Tarrey

    Indeed. No fan of easyProperty, but this is a good move.

     
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    I have to say it does seem like the perfect fit for an 'online' agent to be able to 'exchange' 'online'.... a match made in heaven.

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    (Or hell, depends how you look at it!)

     
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    Online signatures have been used by UK agents for years (and years) so its not just The USA.

    Binding offers are needed, but under what terms? the devil is in the detail - but in principle ''lets have it''.

  • Sceptical As Always

    yes but would you "exchange" on a property without a mortgage offer or having your conveyancer confirm clear title? I think not... anyone that is click happy would get out of this being binding simply because they would fathom what they are entering into as a layman.

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    Bang on! - I thought i was the only one reading this that had alarm bells ringing.

    So i view a property through an online agent with no ofice i can visit if things go wrong, i look at a property like it, agree a price and at that point i am legally obliged to go through with the sale or face a hefty fine.

    Searches, mortgage valuation, survey, title, What could go wrong!

    If the answer is "Oh this is all done before anyone signs" is this really going to speed up the process?

     
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    OK here is the news: Conditional Exchanges have been around for just about ever. This is no different.

    There is even a hilarious video explaining how a buyer can exchange without having put finance in place!

    Like i said earlier ''The Devil is in the detail'' - It seems to me its not quite as first hoped - but then it was never likely to be.

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    "Subject to contract"

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