In a landmark decision, the New South Wales (NSW) cabinet has recently cleared legislation that could permit electronic signatures in property transactions, according to industry group REINSW.
This decision builds on laws passed in 2017 that allowed the NSW Government to digitise various paper processes. The new legislation, if successfully passed, will make property transactions more efficient for buyers and banks.
REINSW, along with other industry professionals, had been pushing to update the legislation to suit the modern digital landscape.
“We have been lobbying the NSW Government for the last couple of years to change the law to allow signatures to be witnessed electronically,” says REINSW CEO Tim McKibbin.
While electronic transaction services, including Pexa and Sympli, revolutionised the completion side of property transaction, buyers still need to complete paper documents due to legal requirements.
“Whether it’s a smart phone, tablet or app, people use technology every day to manage their lives. Property transactions shouldn’t be any different,” Minister for Finance, Services and Property Victor Dominello said late last year when the NSW Government requested feedback on promoting technology in property transactions.
“Technology has transformed businesses and consumer expectations. We must ensure that property transactions are fit-for-purpose in the digital age,” he added.
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