Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Government approves paperless transactions

By Steven Cross
29 January 2014 | 1 minute read

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.

Advertisement
Advertisement

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
Computer mouse 3 230x215
lawyersweekly logo

Tags:

Listen to other installment of the Real Estate Business Podcast

 

Do you have an industry update?

top suburbs

12 month growth
Warren
49.59%
Mullumbimby
49.48%
Waverton
49.18%
Blairgowrie
48.97%
Porepunkah
48.95%
Streaky Bay
48.89%
Bruce
48.67%
Koolewong
48.46%
Failford
48.4%
Victory Heights
48.22%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.