The Real Estate Institute of New South Wales (NSW) reported that consumers will soon be able to sign and witness contracts, including residential agreements, electronically.
The Conveyancing Legislation Amendment Bill 2018 (NSW) will allow witnesses to electronically sign documents if passed without amendment. This is expected to overrule the current Electronic Transactions Regulation 2017 (NSW), which prevents electronic witnessing of documents.
REINSW CEO Tim McKibbin welcomed the news, noting that REINSW has seen the importance of the matter for many years. He also added that this will be advantageous for agents, landlords and tenant.
“Times are changing and technology is playing a more pivotal role in the property services industry, and this amendment will bring the industry in line with other industries embracing technology and streamline business practices,” McKibbin said.
“We have lobbied hard for this win and we are proud that we can provide the tools property professionals need to take advantage of the efficiencies this bill will enable when passed.”
Ready and available digital forms and agreements, as well as digital signing platforms, will enable property managers across the state to develop, communicate and finalise residential tenancy agreements electronically.
The bill was introduced into NSW Parliament by the Upper House (Legislative Council) on Oct. 17. It was passed without amendment and was sent to the Lower House (Legislative Assembly) on Oct 24. The bill was passed. It will go through the governor of NSW for assent and the law is expected to become effective within the next 10 days.
