Victoria made her first real estate sale entirely online. The law firm First Class Legal oversaw the electronic contract for a property sold in the Melbourne suburb of Greensborough. Technology is the latest step in a revolution that will change the way people buy and sell real estate. Lawyer Claire Martin completed Australia`s first paperless housing transaction, from the stock exchange to settlement in Sydney, in July this year. “With this revolutionary eContracts technology, leading legal technology provider InfoTrack has saved preparation hours and wait times. In our experience, electronic contracting is becoming lightning fast,” he said. InfoTrack, an innovative legal research firm, has launched a “one-stop shop” that allows lawyers and funders to order a purchase agreement with Article 32, online searches and certificates. The purchase contract can be processed online, sent by e-mail and signed electronically. “Ink and paper contracts were printed in five copies, bound with an archaic legal volume, took hours to prepare, bind, and then post, or heal.” Before eContracts, the production and shipping of contracts hadn`t really changed in 50 years,” he said. Jarrett said real estate agents support the new technology. “What used to take hours to prepare,” he said, “now takes less than 20 minutes. An agent can close the deal almost immediately on an iPad after a potential buyer says they want to buy a property,” Jarrett concluded.
Not surprisingly, real estate agents love them,” he said. “InfoTrack`s streamlined and efficient e-commerce contract saves practitioners a tremendous amount of time and energy,” said John Ahern, Ceo of InfoTrack. Digital disruption to reduce real estate sales costs “Electronic real estate contracts are as obvious a solution for a digital platform as online banking, internet shopping and paying bills over the internet,” said Andrew Jarrett, CEO of First Class Legal.