Online estate agency easyProperty is to offer home sellers and buyers the ability to exchange legally binding contracts online.
easyProperty said home-sellers choosing to use the Clicktopurchase tool will be able to put their properties for sale via private treaty or best offers.
The system will allow users to store all their required legal documents in a secure online data room for interested buyers and their solicitors to inspect. Offers can then be made via a secure purchase platform, which are considered legally binding once accepted by the seller.
It will also allow home-sellers and buyers to bypass the traditional under offer period and safeguards against gazumping
The estate agent said it will rollout an online auction marketplace allowing real-time bidding and purchasing of properties in 2016.
Rob Ellice, CEO of easyProperty, said: “Consumer behaviours have changed. Some 95% of people start their search for a property online, so it’s frustrating to then have to switch back into the traditional system currently in place for exchanging contracts.
“This is the future of the property market, the digital shift is already well underway in most sectors and we believe there’s huge demand from consumers for a more transparent and faster system. We are the only online estate agent in the UK to have this platform and it will really set us apart from other agencies.”