It is 2018 and believe it or not, there is still confusion about whether or not contracts and agreements can be signed electronically (and rightfully so). There are a number of Acts and legislation which govern this area (the most noteable being the Electronic Transactions (Victoria) Act 2000) but despite this, not all stakeholders in real estate transactions recognise the use of electronic signatures due to uncertainty. The law recognises the enforcaebility of contracts entered into using electronic signatures instead of typical ‘wet’ signatures but only if certain requirements are met.
Provey is proud to announce the Provey Exchange Portal as part of our Online Conveyancing roll out. The Exchange Portal helps clients and agents better understand how contracts can be entered into electronically and provides the online tools to maximise enforceability. If you wish to gain access to the beta release of our Exchange Portal, please contact us here.
Case example
John wishes to make an offer to purchase. John can simply log into the Exchange Portal, complete his offer details (price, settlement date and select from library of pre-worded special conditions). The offer is auto-magically converted into a digital format ready for the vendor’s acceptance. The Portal facilitates counter-offers and exchanges between the vendor and purchaser (and their representatives), keeping an organised communication trail for better transparency.