Just announced: An England and Wales first beta project, from legal technology providers InfoTrack and Perfect Portal. Discover how digital data can be utilised more effectively between sellers, agents, buyers and conveyancers to market a UK property.
Scott Bozinis, Chief Executive Officer at InfoTrack explains, “The Law Society TA6 form is the industry standard for property information, which is part of the sale contract. InfoTrack are the only UK supplier of fully digitised and licenced TA Protocol forms, delivered through our onboarding solution, eCOS. Collecting the key TA6 data when the property is marketed, before an offer is made, will empower estate agents to source suitably informed buyers and bring conveyancers closer to the sellers.”
The Law Society’s, Commercial Proposition Manager, Andrew Moroney says, “The TA6 as a digital form contains crucial information needed at the marketing stage, but until now, as a paper or digital form, collating the data from multiple parties was only possible post offer, after a solicitor was instructed. Working with InfoTrack and Perfect Portal, the key early marketing questions have been identified and made available in what will be known as the TA6 Part 1. In this beta project, Part 1 can be completed by the seller upfront and fed into the full TA6, solving a challenge the market has been facing for many years.”
The essential information needed to market a property such as compliance with building and planning applications, the supply of services, flooding, common parts shared with neighbours etc. will be included within the TA6 Part 1 questionnaire. All the information a buyer should be made aware of before an offer is made.
Jane Pritchard, Chief Product Innovation Officer at InfoTrack explains “This beta project has ambitious goals. The digital early data solution will speed up the market to sale timeline and collate the property information into a fully completed TA6 through the power of a seamless workflow. Within eCOS, we have created data-driven TA Protocol forms and a dynamic set of onboarding features such as verification of identity, verification of funds, client care signatures and more to facilitate collaboration and enhance the journey for all parties involved in the matter.”
Yvonne Hirons, Chief Executive Officer and Founder of Perfect Portal adds, “Our software integrates with the estate agents CRM system, Reapit. This allows the agents to offer the TA6 Part 1 questions to the sellers when they are adding their property details into Reapit. The seller will be able to access the questions within their law firm’s mobile app to complete at a pre-instruction stage. This will not only help the seller market their property, but it will also help the law firm’s build stronger instructions from the outset. This is revolutionary; it will help reduce the drop off rate as all parties involved will now have access to the important property information in advance.”
Mike Leeman, Managing Partner at Bell Lamb & Joynson Solicitors comments “Connecting estate agents with the TA6 Part 1 is the holy grail. It captures data very early in the property transaction process to bring together estate agents, solicitors, buyers and sellers in a fully automated digital journey, eliminating our need for paper, completely.” Paul Lyons, Managing Partner at Lyons Bowe Solicitors adds, “The ability to connect all parties within a digital TA6 is ground-breaking for law firms. By making it possible to reach potential new clients at the marketing stage, transaction processes speed up and instructions arrive earlier.”
The Law Society, InfoTrack and Perfect Portal have made it possible to provide early data when the property is being sold without introducing a new process or statutory changes. “They were excellently placed to facilitate digitisation”, explains Andrew Moroney. “. InfoTrack solutions are at the cutting edge of the digital evolution of conveyancing, providing a single source of truth across the transaction and aligning data to achieve many common industry goals.”