Pointon Partners has launched a new electronic contract signing and exchange platform for its property developer clients that significantly simplifies and speeds up the contract exchange process, and saves them money as well.
According to Pointon Partners’ director in charge of property, Ted Vlahos:
“Our new electronic contract signing and exchange platform is an innovative alternative to a 20th century way of doing things. It has been developed in consultation with our developer clients, as well as their sales teams and financiers, to ensure that it represents a superior, practical and bankable alternative to current signing and exchange processes, which are older, slower and more expensive”.
Despite significant leaps in technology in recent years and the introduction of laws that permit contracts to be signed electronically, law firms and conveyancers continue to adopt the old fashioned contract signing and exchange method.
That method involves printing out and binding hard copies of contracts and section 32 statements comprising hundreds of pages and posting or couriering contracts in an exchange process that takes up to weeks to complete in some cases. This makes closing sales and achieving financial close all the more difficult.
Pointon Partners’ new platform changes all that.
By partnering up with DocuSign, the world leader in secure electronic signature technology, Pointon Partners now allows its developer clients, their sales agents and purchasers to:
- access an electronic version of its master contract for a particular project from any location on a mobile, tablet or desktop;
- fill out selected ‘particulars of sale’ sections of the contract electronically (including purchaser’s details, price, finishes/upgrade options etc). The contract will be encrypted and cannot be altered, except for selected sections;
- sign the contract using an electronic signature (either by finger, mouse or stylus, depending on the type of device used) and submit it by email for vendor approval; and
- effect a paperless and electronic email exchange of contracts.
This can all be done in, theoretically, a matter of minutes. It is not necessary to print a single document or arrange for physical delivery or exchange of documents.
What are the benefits of the Pointon Partners’ platform for property developer clients?
Eliminates printing/postage/courier costs (which can equate to tens of thousands of dollars or more per project) on sales signed up via the platform. There is no need to print and bind enormous contracts and section 32 statements and arrange for posting/couriering to relevant parties every time a sale occurs.
Speeds up the contract exchange process
Reduces the lead times involved in the contract exchange process, which can be the difference between whether or not a sale is closed. The contract can be sent out and exchanged within minutes, rather than days or weeks via hard copy exchange (especially when foreign buyers are involved).
Minimises errors in contract completion and signing
Minimises errors with the way the contract is completed or signed which can affect the validity of the contract. This is because the platform does not allow the contract to be submitted unless all compulsory fields have been completed and all relevant pages have been signed. Only certain sections of the contract as determined by the vendor/developer can be filled out or changed by the purchaser.
Advanced monitoring of contract exchange process
Access at any time, through the platform, to the status of the contract exchange process. For example, at any point in time the vendor/developer will be able to determine exactly how many contracts have been sent out, when a purchaser has viewed the contract, signed it and how far along the work flow chain it is. No more contracts lost in transit.
More secure than physical exchange
Verification checks and digital signature tracking that is incorporated into the platform for security and identification purposes.
New way to market and differentiate themselves in marketplace
Allows vendor/developers to leverage off the platform to market themselves to purchasers as innovative, tech savvy, user friendly, environmentally conscious and facilitate sales more efficiently.
If you are interested in learning more about Pointon Partners’ new electronic contract signing and exchange platform, or if you would like a free demo on how it works, then please contact Ted Vlahos or your contact at Pointon Partners on 03 9614 7707, or email us at email@example.com