Savills is aiming to speed up commercial and residential property transactions with the introduction of “Click to Purchase” – an agent operated online system for buying and selling property. The model originated in the UK and enables buyers and sellers to engage in private treaty, best bids and real time auctions from their desktops or on the go.
Traditionally, following the submission of an offer on a property, both buying and selling parties enter a “sale agreed” period, which can last anywhere between four and six weeks – or even longer – with no guaranteed commitments. Savills say the new platform removes the uncertainty, allowing contracts to be exchanged almost immediately by an acceptance by the agent of a clicktopurchase offer submitted by a buyer. Legally binding electronic signatures are attached to electronic contract notes. The platform, now widely used in the UK, has in many cases seen deals executed in as little as two days.
Angus Potterton, managing director of Savills Ireland, said: “The main impediment to embracing online property transactions has been the difficulties of creating a simple and accountable process which is legally compliant. Clicktopurchase provides this intelligent and easy-to-use online execution process which provides digitally signed documents which are tamper proof, verifiable and validated.”