The U.K.’s leading real estate vertical, RightMove, has begun a trial to allow buyers to make offers and exchange contracts for some commercial property listings digitally, using a buying and selling platform called clicktopurchase.
The six-month trial allows buyers to view a range of properties on RightMove that are marketed by Singer Vielle agency and then submit offers straightaway on the clicktopurchase platform. The platform was developed by Singer Veille and provides a legally binding online contract exchange facility.
Potential buyers can make private offers, best offers or bid as part of a real-time auction, depending on how the vendor or agent chooses to sell the property.
If the seller or agent accepts the offer it executes an instant legal contract with the transaction audit trail and contract preserved in blockchain.
So far £225 million ($282 million U.S.) of commercial property has been transacted in the U.K. and Ireland on the platform since it was launched. It can be used for residential property transactions but has, so far, only been done so in Ireland, not the U.K.
RightMove says it has no plans to trial the product on residential properties listed on its site.
“Trialling a route to this technology through RightMove will give potential buyers the chance to do everything online, from property search to legal exchange,” said Alex Solomon, head of commercial at RightMove.
“By offering this to the U.K.’s biggest commercial property audience, we’ll find out how much of an appetite there is for a solution like this.”
The properties range from a £20 million office building in Mayfair to a £300,000 retail unit in Yorkshire.
“The platform is proven to bring speed, certainty and transparency to the sales process. The uncertainty and exposure of being ‘under offer’ is removed, alleviating risk for both buyer and seller,” said Neil Singer (LinkedIn profile) from Singer Vielle.
“A complete legal package is provided by the vendor’s solicitor, along with ‘Special Conditions’ which complete the industry standard base contract held within each property’s data room which is accessible online.”