The new purchaser declaration form introduced by NSW's Office of State Revenue is threatening to hinder the real estate industry’s move to digital paperless transactions, according to Ian Perkins, Managing Director of lawlab.

The property industry has been making steady progress towards digitisation, and the new legislation is seen by many in the industry as a backwards step taken without industry consultation.

“The property industry has been working hard towards the widespread adoption of digital technologies to make the conveyancing process and transfer of ownership easier,” said Perkins.

“Being able to electronically sign documents is a huge part of this, as it makes the conveyancing process easier and quicker for buyers and sellers,” he said.

The OSR Purchaser Declaration form is a response to the recent foreign buyer duty, land tax surcharge duty and new Commonwealth reporting requirements.

“It means that property buyers in NSW are now required to complete the form and provide a statutory declaration, meaning e-signatures are not viable,” said Perkins.

The new process also adds an extra step to the conveyancing process for anyone purchasing a property in NSW.

“This form is a huge setback for the industry, with the state government effectively putting red tape on any attempts at forward thinking or modernization,” said Perkins.

Lawlab is leading the charge to digitise property conveyancing. The well-established regional law firm is the second largest tech-enabled conveyancing firm in Australia. Their Rundl software has managed $5.2 billion worth of online property transactions since its inception in early 2015.

Ewan Morton, Managing Director Morton Real Estate, said, “Digital signing through Rundl is a real game changer for the property industry. It gives our clients the flexibility to review and approve documents anywhere, anytime and on any device. It means faster contract processing and more successful deals. With the ability to get signed agency agreements back within minutes, rather than days or weeks, we expect to see a nice boost in client conversion rates too.”

“For lawlab, [the new form] is a major hindrance,” said Perkins, saying the company has invested heavily in e-signatures and paperless transactions.

“We’re disappointed that, as far as we’re aware, there was no industry consultation before this form was introduced,” said Perkins.

Going forward, Perkins said “we will continue to push to make business transactions easier, as an advocate for digitisation of the sector.”

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