“This is groundbreaking - everyone in New Zealand should be proud of what has been achieved,” Realforms CEO Jordan McCown said today.
“This is the future of the way business will be done in real estate, and indeed in lots of other contractual areas, and it’s great to be a leader and partner in it.”
The sale and purchase agreement was drafted, e-signed, negotiated, edited, accepted and finalised for a residential property in Christchurch, New Zealand, without touching a single piece of paper or a pen.
“Initially, we were based in Sydney and planned to launch in NSW and QLD, but, e-signature legislation was archaic in comparison to the more modern legislation in New Zealand,” Mr McCown said.
“Plus, the Agreement for Sale and Purchase of Real Estate (S&P) in most states and territories requires a signature witness. And since electronic witnessing is not legal in most of Australian, paperless transactions are usually impossible.
"As soon as either the Australian Electronic Transactions Act is updated to allow e-witnessing or S&P's don't require a signature witness we'll launch in Australia.”
Realforms provides digital change highlighting and acceptance. This replaces the cumbersome process of handwritten changes, initialing, printing, and scanning.
