Swift property sales are good news for buyers and sellers The days of property transfers taking on average three months should be a thing of the past, thanks to a new electronic transfer system launched in Durban recently. Called Lawyers Access Web, it was piloted last year by Maxprop along with several firms of attorneys and banking institutions. A few weeks ago it went live for the electronic processing of bonds and transfers and promises to cut a property transfer down to a few weeks. It allows an agent to send instructions to attorneys via the net, using a digital certificate or Verisign - incidentally, designed by the famous Mark Shuttleworth - and for firms of attorneys processing bonds and transfers not only to liaise with each other via the web, but also to report information about the progress on each deal to banks and realtors. Janine Fokkens, sales consultant for Lawyers Access Web, said the system cut out a lot of extra work. "It also reduces attorneys' costs, since reports are made in real time by simply checking one of the boxes in a list of processes on their computer, instead of having to type up letters and fax or post them. "The reports are then disseminated to all the parties, by the banks or agents, who then know where the sale is in the pipeline." She said the advantage of Lawyers Access Web over any other software on the market is that each organisation linked to the system has its own electronic signature, and so the closed network cannot be hacked into by outsiders. "It ensures quick, convenient updates and transactions within the network, and although hard copy (paperwork) is still processed by attorneys, sales can be concluded more swiftly." Soon, municipalities will also be linked up, which should eliminate a wait of about 14 to 21 days for rates clearance certificates. Gordon Battersby, franchise managing director for Maxprop, said that although it would take some time for the deeds office to come on stream because of outdated software and backlogs, they were already able to work in conjunction with attorneys to provide a simpler, more efficient means of relaying documents and speedily executing property sales.
Publisher: Sunday Tribune
Source: Sunday Tribune
New web aid cuts property transfer delays.
Posted On Monday, 10 March 2003 10:01 Published by eProperty News
Swift property sales are good news for buyers and sellers.
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