Ensure you never miss an issue of the
real estate business bulletin
Government approves paperless transactions

Government approves paperless transactions

by Steven Cross 0 comments

The days of transacting real estate through hard-copy paperwork may be over, as one state government agrees to amend the Electronic Transactions Act and bring agents into the 21st century.

The Real Estate Institute of South Australia (REISA) has finally had success after lobbying the government for half a year.

“We were quite busy last year with national licensing and changes to legislation surrounding auctions, but we’ve really been working on getting this fixed since around June last year,” president of the REISA Greg Troughton told Real Estate Business.

Under the old legislation, all transactions except property could be made electronically.

“We approached the government and put a business case to them stating that efficiencies and productivity were hindered by red tape – and most governments around the country are looking for excuses to cut red tape these days, so they agreed,” he said.

According to Mr Troughton, the landmark decision has set a precedent for the rest of the nation.

“We have been working closely with a number of other institutes that will be using this decision as leverage for their own submissions to their respective governments,” he said.

Anthony Toop, managing director at Toop&Toop, said the decision was a positive move for his company and the wider industry.

“Everyone in our organisation runs off iPads exclusively, so it’s the greatest news since email for us," he said.

“While old dogs take a while to learn new tricks, now that it’s possible to be used, it will build momentum. Consumers are versed in signing on screens now, so it’s not going to be a foreign concept.

“This will make property transactions safer, more secure, faster and more convenient for all parties.”

But not all consumers will be ready to adopt the advances, according to Mr Toop, who claimed he will now develop a system to slowly integrate paperless transaction over the next few years.


Government approves paperless transactions
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?