ConveyancingReal EstateTechnology

The rise of e-signatures & e-contracts

By November 23, 2016 No Comments

A signature is a stamp and commitment, the final source of truth – honed over our teenage years. It is often the final act in the most important decisions we make – getting married, buying a house, accepting a job. But will they continue to stay relevant? Will our kids use them?

Signatures have flourished since the 17th century when the Parliament of England mandated certain contracts must be “signed”. But technology is moving fast and we are rapidly approaching a world where traditional “wet” signatures are no longer relevant.

A signature conveys evidence of two things – the identity of the signatory and the intention of the signatory. By adopting an e-signature, we get a far richer profile of the signatory – identity and context, but also the IP address, the time of signing, and even the device used. And all this bolsters the signature’s security should the need arise.

Therefore, it is about time that we embraced this in our property contracts. Not only is it much more convenient; it is much more secure.

By embracing e-signature, we make the process of buying and selling property far simpler for those involved:

  1. Contract – It is time to eliminate 5 printed copies of the same document. One electronic version is best, and all parties have access. Changes made to the master copy update for all parties and parties to the contract along with their advisors are prompted of changes and reminded of actions.
  2. E-Conveyancing – In the manual system there are countless documents for our clients to sign. Stamp duty documents, mortgage document and transfer documents to name a few. This is an onerous task for clients and the opportunity for error to arise is high. By embracing e-signatures, these documents could be signed online. Or better yet, clients can sign a single document and Law&Co process the rest electronically via the PEXA platform

If you’re in the process of buying and selling a property, be sure to investigate a law firm that offers digital services and e-signatures. Law&Co is embracing this new technology with the objective of providing a service that is simple and affordable because the traditional conveyancing model is still very much the opposite. If you would like to speak to one of our lawyers, please call us on 1300 776 775.