Powered by MOMENTUM MEDIA
subscribe to our newsletter

Australia’s first paperless property sale

The $510,000 sale of a one-bedroom home in Sydney is the 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.

“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.

Advertisement
Advertisement

PROMOTED CONTENT


“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.

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: PEXA helps bank achieve settlement milestone]

Australia’s first paperless property sale
mortgagebusiness

Latest News

The chairman of the financial services regulator has resigned from his position, effective immediately. ...

Refinancing settlements for the first nine months of the calendar year 2020 are up 27 per cent on last year’s volumes, having peaked in Ju...

The Tasmanian-based lender has seen a 43 per cent rise in settlements in the first quarter of the financial year, driven by strong demand fr...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Victoria’s surprising appetite for new homes

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

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