It will soon be possible to sign and witness documents, including contracts like residential agreements, electronically in a huge step forward for the property services industry, according to the Real Estate Institute of NSW.
Currently the Electronic Transactions Regulation 2017 (NSW) prevents electronic witnessing of documents. If passed without amendment, the Conveyancing Legislation Amendment Bill 2018 (NSW) will enable witnesses to electronically sign documents.
REINSW CEO Tim McKibbin said REINSW has been vocal on the importance of this issue for many years, and it’s great to see Government has finally taken the step forward.
“This is good for agents, landlords and tenants,” Mr McKibbin said.
“Times are changing, and technology is playing a more pivotal role in the property services industry and this amendment will bring the industry in-line with other industries embracing technology and streamline business practices.
“We have lobbied hard for this win and we are proud that we can provide the tools property professionals need to take advantage of the efficiencies this Bill will enable when passed.
“With digital forms and agreements, and digital signing platforms – such as REI Forms Live and DocuSign – at the ready, property managers across NSW will have the ability to develop, communicate and finalise residential tenancy agreements digitally,” Mr McKibbin said.
Introduced into NSW Parliament by the Upper House (Legislative Council) on 17 October 2018, the Bill was passed without amendment on 24 October 2018. The same day, it was sent to the Lower House (Legislative Assembly) and last night (13 November 2018) the bill was passed. It will now be sent to the Governor of NSW for assent and the law is expected to become effective within the next 10 days.