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Conveyancers, lawyers holding back online real estate transactions

By Staff Reporter
07 June 2017 | 9 minute read
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Conveyancers and lawyers are the biggest impediment to buying and selling property online, due to their reluctance to embrace new technology, a survey has revealed.

The InfoTrack study shows just 28.89 per cent of respondents surveyed use e-contracts of sale, while 38.66 per cent use PEXA for digital property exchanges.

“The results are disappointing and clearly demonstrate that lawyers in the real estate sector must overcome their long-held resistance to new technologies,” InfoTrack chief executive John Ahern said.

“What isn’t well understood is that PEXA’s digital platform is not e-conveyancing on its own, it is the final step in a property transaction. There are a lot of tools with real savings that streamline the first three quarters of the process, in particular e-contracts and e-signing,” Mr Ahern said.

“As an example, a conveyancer could use IDfy for electronic verification of identity (VOI), then create and exchange a paper contract. Alternatively, he or she could do a VOI the old-fashioned way in the office, create an e-contract, print it off and have it signed manually.”

The respondents surveyed said that ‘old school’ partners have no interest in using new technology, such as e-contracts.

“As is always the case in any sector that is being disrupted, there is resistance and uncertainty in the market, but e-conveyancing technology available today caters to those who are wary because they can adopt it at their own pace [and] road test what works for them and what doesn’t without a significant investment,” Mr Ahern said.

“However, entrenched 19th century thinking is costing conveyancers and lawyers in the real estate sector dearly.”

Conveyancers, lawyers holding back online real estate transactions
online business 850
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