By Tim McKibbin – REINSW CEO
REINSW has sought amendments to the Electronic Transaction Regulation in order to provide comfort and certainty to parties when signing and serving documents electronically.
Even though the technology currently exists to transact electronically, there is an additional layer of complexity with signing certain documents, and especially in the case of land transactions. Agency agreements are heavily prescribed, and the legislative and regulatory instruments that govern the real estate space predate the electronic transaction environment.
Whilst some argue that the Electronic Transactions Act covers these transactions, there is some doubt in other people’s minds, particularly with dealings involving a company.
To put this beyond doubt the Real Estate Institutes across Australia retained a firm of solicitors to draft a submission to all of the Attorney Generals, including the Commonwealth Attorney General. This submission requests amendments to the relevant Regulations. Their amendments will provide certainty for parties transacting electronically.
Clearly, going forward, electronic transactions are only going to grow and become commonplace in our society. Before this can occur, however, we need to be confident that the legislative and regulatory environment accommodates this technology.
REINSW will continue to lobby for this change on your behalf.
Read the submissionhere >>>
Read our recent media release on electronic signatures