Digital from the start
If passed, the law will significantly streamline property transactions for buyers and banks.
Electronic transaction services, such as Pexa and Sympli, have revolutionised the completion side of property transactions. However, buyers must still complete paper documents to satisfy legal requirements.
“Whether it’s a smart phone, tablet or app, people use technology every day to manage their lives. Property transactions shouldn’t be any different,” Minister for Finance, Services and Property, Victor Dominello said late last year when the NSW Government requested feedback on promoting technology in property transactions.
“Technology has transformed businesses and consumer expectations. We must ensure that property transactions are fit-for-purpose in the digital age.”
If successful, the NSW digital property reforms could become an example for other states.
The new laws are slated to be introduced in September and, if passed, could be in place as early as mid-2019.