Paperless apartment sale makes history

If there was ever an indication of the future of Australia’s property market, this could potentially be it.

A Sydney woman has sold her Dee Why apartment without touching a piece of paper, according to The Australian Financial Review.

The sale of the one-bedroom apartment in Dee Why is the first housing transaction in Australia’s history that was completed paperless from exchange to settlement.

The vendor had access to the money from the sale within 10 minutes, allowing her to bypass weeks, if not months, of time-consuming visits to lawyers and banks.

It was all made possible using InfoTrack’s eContracts and eSigning technologies; the vendor was able to draw up her own contract and exchange it with the buyer via her email.

Sound familiar? That’s because you’ve probably completed similar transactions a thousand times when purchasing goods online.

Except this time, it’s an apartment instead of a pair of shoes.

The historic transaction paving the way for property to be bought and sold online in the future.

Through the Federal Government’s national electronic conveyancing initiative, PEXA, the sale was settled last Thursday from the comfort of the vendor’s office.

This is a stark contrast between the usual process, where every legal document is printed, scanned and emailed, and all amendments handwritten and printed out, with document exchange completed manually.

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