Law firm Maddocks has launched a new electronic exchange platform for development contracts.
"The twentieth century method of printing out massive documents, posting them or having them couriered and then having the physical documents securely filed goes against the grain of what is a fast-moving and dynamic industry," said partner Nick Holuigue, the head of the firm’s Development practice.
An electronic document exchange platform will potentially save developers tens of thousands of dollars on large land subdivision and apartment development projects, says the firm.
They believe the platform will be especially useful to overseas clients and those who sell to overseas purchasers.
The platform allows agents and developers to complete their master contract for a particular development online with the agreed commercial terms.
The contract will be encrypted and cannot be altered, save for particular agreed fields.
Once completed the platform facilitates electronic signatures by all relevant parties and all parties are provided with a copy of the fully executed and exchanged contract.
Image: Terra Mirra Property Management
