The settlements, which used provider InfoTrack's eSigning technology, cut out the need for as many as five different paper contracts and permitted all parties in the settlements to refer to one electronic version, Ms Jarrett said. Read more: http://www.afr.com/real-estate/pexas-next-step-econveyancing-platform-chalks-up-simultaneous-settlement-20170321-gv2wz9#ixzz4c05cvix6 Follow us: @FinancialReview on Twitter | financialreview on Facebook
In June last year, lawyer Claire Martin was the first known person in NSW to sell her property from exchange to settlement without touching a piece of paper. In many cases, the drawing up of a contract requires some paper contact, but Ms Martin was able to use InfoTrack's eContracts and eSigning technologies to electronically draw and sign contracts.
However the online technology behind these devices hasn’t entirely taken over how we buy and sell property — perhaps until now, that is.
Victoria legal firm First Class Legal has executed the first electronic auction contract for a property in outer Melbourne suburb Greensborough, revolutionising the way people will buy and sell property in Victoria.
In July, the Australasian Legal Practice Management Association (ALPMA) and InfoTrack surveyed 163 firms across Australia and New Zealand. Despite innovation becoming a buzzword within the legal profession, new research has revealed that Australasian law firms are proving slow to adapt to the changing legal landscape.
The Australasian legal profession is slow in adapting to the changing legal landscape, according to the new research conducted by the Australasian Legal Practice Management Association (ALPMA) and InfoTrack. The research surveyed 163 firms across Australia and New Zealand in July.
The whole process is tedious and it’s really just a waste of time and paper. The professionals transacting in the conveyancing industry are at the forefront of the revolution and they have two choices: either be part of it or ignore it,” she said, speaking at an InfoTrack information session earlier this week.
Speaking at a Lawyers Weekly technology roundtable discussion supported by InfoTrack, the Bakers real estate group head said that his practice was focused on innovating legal processes, but with the psychology of client confidence in mind.
Lawyers Weekly, in partnership with InfoTrack, hosted the Transaction Technology roundtable earlier this month. The discussion brought together lawyers from Clayton Utz, Baker & McKenzie, Colin Biggers & Paisley and Kreisson to explore the opportunities and challenges presented by technology in transactional practices, especially property.
The historic transaction saw a one-bedroom apartment in Dee Why sold to its new owners by Kreisson Lawyers property lawyer Claire Martin. Infotrack eContracts and eSigning platforms were used in the paperless transaction.
“The entire process – from exchange to settlement – can be done anytime, anywhere in the world irrespective of the number of signatures required on the contract and everyone is a winner. InfoTrack disrupted our complacent market recently when it launched sign2exchange with its eContract offering,” she said.
An electronic contract exchange using an InfoTrack e-contract, through to an electronic settlement on the PEXA platform, has heralded a new era of digital conveyancing for residential properties.
InfoTrack is a workflow technology company and considered a "disrupter" in data management having introduced contact-less contract signing from anywhere in the world. "It gives new meaning to the term online shopping because now we can include online property," Ms Martin said.
InfoTrack recently conducted a survey of conveyancing practitioners asking about experiences with the new verification of identity requirements.
According to findings by searching technology specialist InfoTrack and legal systems company InPlace Solutions, 60 per cent of firm managers believe lawyer resistance is the biggest hurdle to jump when it comes to the adoption of new digital services and productivity tools.
A new survey conducted by InfoTrack and InPlace Solutions has found that 56.7 per cent of respondents cited data sovereignty as their primary concern and 46.7 per cent cited data privacy.
Technology company InfoTrack, has launched Client Centricity Awards to recognise legal practitioners, teams and firms across Australia that deliver excellence in client services and customer experience.
The land registries in NSW, Victoria and Queensland have developed and adopted Verification of Identity Standards (VOI Standards) for verifying the identity of parties to land transactions for the purposes of the National Electronic Conveyancing laws in Australia.
Despite recent changes to simplify the Personal Property Securities Act (PPSA), 70 per cent of Australian legal practitioners are adamant that the changes that took effect in October are not sufficient and that the system is still far too complicated, according to the InfoTrack PPSA survey just released.
Legal search innovator InfoTrack has radically simplified cumbersome and time consuming Contract for Sale with the launch of a ‘one-stop-shop’ which enables conveyancers to order an entire Contract for Sale complete with searches and certificates.
InfoTrack has launched IDfy, an iPhone app which functions as an expert system to help lawyers and conveyancers meet their verification of identity (VOI) obligations. Android and iPad apps are in development.
A client-centre culture, ground breaking technical capabilities and a mindset that says we are determined to be the best at what we do is paying big dividends for leading legal search provider InfoTrack which has made the 2015 BRW Fast 100, the 2015 Deloitte Technology Fast 50 and been named a finalist in the 2015 BRW & PwC’s Private Clients Aspire Awards.
InfoTrack’s REVEAL software is one of the company’s custom-built interfaces, and is designed to encourage a more positive user experience. The REVEAL software is a free add-on provided to all InfoTrack clients. For this initiative, InfoTrack has been recognised as an ABA100 Winner for Best Technology Product in The 2015 Australian Business Awards.
InfoTrack Chief Executive Stephen Wood has been appointed Chairman of the InfoTrack group of companies including InfoTrack Australia, Scott Ashwood, InfoTrack UK and the STL Group (UK) and former Chief Technology Officer John Ahern appointed Chief Executive as the leading search provider gears up to continue its aggressive growth strategy locally and off shore.