REINSW recommends electronic processing of property transactions

79The Real Estate Institute of New South Wales (REINSW) has made recommendations that could benefit Sydney real estate agents in a February 13 statement.

REINSW CEO Tim McKibbin pointed out that South Australia (SA) is leading the way when it comes to digital activity in the realm of real estate agents’ day-to-day tasks.

At the end of January, the SA government amended the Electronic Transactions Act. Agents in the state can now “complete and finalise documents electronically,” according to the February 13 statement.

This has encouraged the REINSW to make further calls to the NSW government to keep legislation in line with technological change, in order to make real estate agents’ activities more efficient.

“Paperless transactions have been on our radar for a long time, and we have raised the issue yet again with the NSW government and NSW Fair Trading on the back of the SA government passing these amendments. You only have to look at the way we communicate with each other every day to see that this change is necessary,” stated Mr McKibbin.

However, the government has shown some dedication to the use of digital technologies in this booming industry.

Electronic land conveyancing will be introduced around September this year, following changes to NSW’s Electronic Conveyancing Act.

This enables agents to “electronically sign transfer documents,” according to Mr McKibbin.

However, the REINSW CEO is urging for more action.

For instance, the Property, Stock and Business Agents Act 2002 could be amended to benefit rural property activity.

The body has also pointed out that “not only will electronic signatures and transactions allow agents to work seamlessly with the technology they already use every day, but it matches consumer expectations on efficiency.”

Real estate agents as well as home buyers and sellers will be interested to see if and when these changes are made, which may help drive more efficient property dealings.

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