The onset of COVID-19 has forced the property market to accelerate its transition into a fully functional digital model.
Recently, already digitally-savvy real estate agents have launched private virtual inspections followed by online auctions with many property transactions now conducted electronically from start to finish.
As legal professionals, we fully support the digitalisation of the real estate industry, with digitalised conveyancing services having been provided for over 24 months.
In order to provide electronic conveyancing during COVID-19, Watkins Tapsell has developed new procedures for remote transactions including:
- Phone conferences and email communications to understand client instructions;
- Electronic identity verification;
- Video conferencing through Zoom, FaceTime, WhatsApp and similar systems;
- Online document signing via email and digital signatures.
All settlements are effected electronically. This means:
- There is no requirement to physically attend settlements;
- Transfers are electronically lodged for registration with Land Registry Services on settlement ensuring no delay and minimising risk;
- Bank cheques are not needed, and the sale proceeds are deposited into the vendor's nominated account on settlement;
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.