Singer Vielle claims online property sale first

Singer Vielle said today it had facilitated the first electronic online exchange of a contract to buy and sell a property in the UK – a restaurant investment in Faversham, Kent.

The group claims its ‘Click to Purchase’ is the only platform that offers an ability to exchange a legally binding online contract for the sale and purchase of property by Private Treaty.

It is exclusively operated by Singer Vielle Sales and went live on 15 October.

By 29 October it had secured the first of its legally binding exchange of contracts for the £1m plus restaurant facility in Faversham.

Using the ‘Click to Purchase’ interface, the vendor provided a 48-hour commitment to exchange with the purchaser with an appointed agent instructed to submit an open offer to treat on behalf of the purchaser.

There was then an online exchange of contract recorded by a system generated electronically signed Memorandum of Sale.

Neil Singer, of Singer Vielle Sales, said:” This is a truly revolutionary moment for the property industry as we have enabled investors whether they are in the UK or as far afield as perhaps USA, Hong Kong or South Africa, the equal opportunity to purchase a UK property on-line.

Click to Purchase’s advanced programming and authenticating process has enabled a legally binding commitment, something which has never been achieved previously online.”

By Paul Norman