Under the service, information specific to the property contract is entered into a computer or smart device connected to the internet. Users may then email the document at any time for signing. This is particularly useful when a high volume of contracts need to be signed, and when the parties are not readily available to sign.
“We developed RK eContracts because we saw a real benefit to our clients if their sales and contract exchange process could be simplified and sped up. RK eContracts would also result in lower production costs to the clients,” said property and development principal Wai Hwoon Low.
The law firm collaborated with property developer BelleVue Tops to test and refine RK eContracts. According to Alex Zylberberg of BelleVue Tops, the platform enabled contracts to be signed and exchanged the same day with parties across different regions, instead of the typical two weeks.
Among other things, the service cuts the risk of unauthorised amendments to contracts or inconsistencies between counterparts of contracts, and creates an audit trail for each contract.
“It enables the status of exchanged contracts to be monitored so sales can be progressed as swiftly as possible. RK eContracts is just one aspect of the firm’s commitment to adopting digitally powered practices,” said Russell Kennedy principals Mark McKinley and Donna Rayner.
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Russell Kennedy Lawyers has launched a digital contract exchange platform aimed at providing a more efficient and secure way to facilitate the exchange of property contracts.