INTERNET estate agent easyProperty has become the first online estate agency in the UK to sign to the online purchasing platform Clicktopurchase®.
In doing so easyProperty will be the first UK online estate agency to be able to offer their clients the ability to exchange legally binding contracts online with just the click of a mouse.
The technology supplied by Clicktopurchase® is the first, and currently only platform, in the UK to enable clients to buy and sell commercial and residential properties securely over the internet.
The agent operated platform provides three unique facilities: online exchange of a private treaty property contract, online exchange of a private treaty property contract by “best offers” and thirdly online real time auctioning with a live auctioneer interacting with the bidding audience
Its creators believe they’ve pre-empted an inevitable demand in the property sector to carry out transactions entirely on the internet.
And whilst changing the way the property market operates is a tall order Neil Singer, CEO of Clicktopurchase®, says the revolution has begun.
Neil said: “Our technology enables both agents and private individuals to go beyond merely listing properties online – allowing parties to submit legal offers to treat online which, if accepted, create an instant online legal exchange of contracts.
“In a nutshell Clicktopurchase® is revolutionising the property sales process - making buying a property fast and easy, whilst delivering certainty, transparency and accountability.
“It enables distant buyers to transact as easily as a local party and brings liquidity and flexibility to the market whilst putting an end to gazumping and chipping/gazundering.
“Buyers and sellers are demanding a faster and more transparent transaction process and we can now provide that certainty and convenience to both parties.”
The technology enables a purchaser to submit an online legal commitment, a true intention as opposed to a promise, which accords with The Law of Property (Miscellaneous) Provisions Act 1989.
They can submit an online offer which generates a legally binding offer to treat in the form of a draft Memorandum of Sale with an encrypted buyer’s digital signature.
Should the vendor wish to accept the offer, the agent is able to do so through their administration interface whereby the contract note is digitally signed on behalf of the seller and the transaction is legally exchanged instantly. A similar process occurs when accepting the highest bid in an online auction.
Earlier this year the total value of properties sold/purchased by an online Clicktopurchase® exchange, by private treaty, best offers or real time auction, passed the £100m barrier.
Neil added: “Volumes of sales increased by 150% in 2014 compared to 2013 and the success rate stands at 100%.
“To secure this deal with easyProperty is a major milestone for us and a further indication of a real demand to make the property buying process faster, simpler and more assured.
“easyProperty strongly believe in putting their clients in the driving seat and this facility not only enhances that offering but will provide real benefits to those customers who choose to use it.
“To date Clicktopurchase® has been used by leading banks, institutions, receivers and property companies such as Lloyds Bank, Royal Bank of Scotland, Standard Life, BNP Paribas Real Estate, Deloitte, Moorfields and CBRE Investors.
“easyProperty’s customers are getting real added value by choosing them as their agents and we are of course delighted to be collaborating with fellow digital pioneers within the property market.”
Rob Ellice, CEO of easyProperty, said: “We are absolutely delighted to be able to exclusively offer easyProperty’s clients this unique technology, a proven unique online execution system.
“It will bring new levels of speed and certainty to the sale process with the comfort of knowing that buyers cannot be gazumped and sellers not chipped.
“We are the only online estate agent in the UK to have this platform at present and it will really set us apart from other agencies who have yet to find new innovative solutions to speeding up property transactions.”