Online estate agent easyProperty has become the first online estate agency in the UK to sign to the online purchasing platform Clicktopurchase.
In doing so easyProperty will be the first UK online estate agency to be able to offer their clients the ability to exchange legally binding contracts online.
The technology supplied by Clicktopurchase is the first, and currently only platform, in the UK to enable clients to buy and sell commercial and residential properties securely over the internet.
The agent operated platform provides three facilities: online exchange of a private treaty property contract; online exchange of a private treaty property contract by “best offers” and thirdly online real time auctioning with a live auctioneer interacting with the bidding audience
Neil Singer, CEO of Clicktopurchase, said: “We haven’t changed the way the property market operates, we’ve just put the final piece in the jigsaw in terms of providing an online facility. The revolution is well underway.
“Our technology enables both agents and private individuals to go beyond merely listing properties online – allowing buyers to submit legal offers to treat online which, if accepted by the agent/seller, create an instant online legal exchange of a contract.
“It enables distant buyers to transact as easily as a local party and brings liquidity and flexibility to the market whilst putting an end to gazumping and chipping/gazundering.
“Buyers and sellers are demanding a faster and more transparent transaction process and we can now provide that certainty and convenience to both parties. You can even buy from your phone.”
The technology enables a purchaser to submit an online legal commitment, a true intention as opposed to a promise, which accords with property statute.
Purchasers can submit an online offer which generates a legally binding offer to treat in the form of a draft Memorandum of Sale with an encrypted buyer’s digital signature.
Should the vendor wish to accept the offer, the agent is able to do so through their administration interface whereby the contract note is digitally signed on behalf of the seller and the transaction is legally exchanged instantly. A similar process occurs when accepting the highest bid in a tender or an online auction.
The total value of properties sold/purchased by an online Clicktopurchase exchange has now already passed the £120m barrier.
Singer added: “Volumes of sales increased significantly by 150% in 2014 compared to 2013, with further growth in 2015 and the success rate stands at 100%.
“To secure this deal with easyProperty is a major milestone for us and a further indication of a real demand to make the property buying process faster, simpler and more assured.
“To date Clicktopurchase has been used by leading banks, institutions, receivers and property companies such as Lloyds Bank, Royal Bank of Scotland, Standard Life, BNP Paribas Real Estate, Deloitte, Moorfields and CBRE Investors. It is live in the UK, Ireland and South Africa.
“EasyProperty’s customers are getting significant added value by choosing them as their agent and we are of course delighted to be collaborating with fellow digital pioneers within the property market.”