Digital signatures have been used for the first time in the exchange of contracts for a residential property transaction in England, a trade body has announced today.
The Conveyancing Association said the e-signature exchange took place on 6 April at 3.59pm. Conveyancers and their clients at association member Convey Law used affiliate member Bonafidee’s e-signature facility to sign the contract for both the sale and purchase element of the transaction.
Convey Law legal director Gareth Richards confirmed the exchange was for a house transaction, describing it as a ‘significant step in the right direction’ for e-conveyancing.
Lawyers on both side uploaded the agreed contract to the Bonafidee system, which was sent to the seller and purchaser to electronically sign. The system was able to confirm that the document was read and signed, with a code replacing the signature.
The contracts were exchanged under the Law Society ‘Formula B’ for exchange (where each solicitor undertakes they are holding a contract signed by or on behalf of their client).