Breaking Property News – 13/07/2023
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Coadjute launches Digital Property Data Packs to streamline property transactions
Press Release London, July 13, 2023:
Coadjute, the leading property technology company, has today announced the launch of its Digital Property Data Pack service, which is set to significantly decrease property transaction times and drive innovation across the industry.
Designed to simplify property transactions by automatically collating data from a wide variety of trusted sources, the Digital Property Data Pack enables sellers to complete the form and share the data electronically with other parties involved in the transaction.
The Digital Property Data Pack is designed to comprehensively cover the requirements of the relevant form types including the Home Buying and Selling Group BASPI form and includes all important information about a property including its history, ownership, and legal status.
The data is rapidly and automatically populated from a wide range of third-party sources, including HM Land Registry, Sprift, and Groundsure.
This information is then collated into a standard easy-to-read format that can be reviewed and shared between buyers, sellers, estate agents, conveyancers and others over the Coadjute network.
Coadjute’s Digital Property Data Pack contains five key innovations:
Open data: The pack fully applies the Home Buying and Selling Group’s Property Data Trust Framework (PDTF), ensuring the data is in a standard format for all users.
Seamless sharing: Data is shared and can be uploaded as data not in a PDF format, a first in the UK. This means that data entered by a home seller and forwarded to an estate agent, can be immediately forwarded and uploaded to the conveyancer’s system without rekeying.
Form switching: The Digital Property Data Pack can be switched and viewed in a ranged of standard formats at the click of a button, such as from BASPI to proprietary formats.
Data provenance: Every data point has a known origin (also known as provenance), stating when and where it came from. The approach allows users to see and compare what different providers believe the data point should be for each field of the form.
Infinite sources: Any data source on Coadjute’s open network can be used to populate the pack, meaning data can be pulled automatically from a potentially infinite number of data sources. The range and depth of data will increase as the ecosystem grows.
Dan Salmons, CEO, Coadjute said “The launch of the Digital Property Data Pack is significant for Coadjute and we believe, the property industry more broadly.
“For the first-time, up-front data can be sourced from an infinite range of providers, held in a standard form, and passed around the market digitally. It consigns the use of PDFs and emails for data collection to the history books.”
He continued: “It’s one thing collecting information, but half the battle is sharing it. For the first time Coadjute enables all the information to be shared rapidly and digitally with the other parties in the deal – as data, without losing provenance.”
“We expect the Digital Property Data Pack to speed up the process and reduce the likelihood of surprises and delays during the transaction.
“It’s all part of Coadjute’s mission to make the property transaction process as easy and stress-free as possible for buyers, sellers, and the professionals that serve them.”
Full disclosure Coadjute are a client of Andrew Stanton in his separate role as CEO of Proptech-PR ‘A consultancy for Proptech Founders’.
Compliance can expedite property transaction exchanges and improve the conveyancing process
There are several benefits to ensuring the conveyancing and property exchange process moves ahead with as few delays as possible, such as reducing potential costs and stress for all parties concerned, as well as enhancing customer satisfaction levels for both buyers and sellers. Another key benefit to estate agents is that a faster conveyancing process can contribute to the overall economic growth of the sector, something that is particularly pertinent during more challenging times.
Paul Offley, Compliance Officer at The Guild of Property Professionals, says that a comprehensive compliance process can help estate agents to expediate the property transaction process and meet the required legal requirements, by ensuring they have all the necessary criteria in place from the start. He notes that this will reduce the number of sale fall throughs, as well as reducing the time from sale agreed to exchange.“A compliance strategy can assist agents to create a time efficient process that does not compromise on the thoroughness and accuracy required in property transactions. A balance between efficiency and compliance is essential to maintain the integrity of the process,”
Offley comments. “Compliance plays a crucial role in ensuring a smooth and efficient conveyancing process. By providing upfront material information and adhering to regulatory requirements, estate agents can facilitate effective communication and collaboration with conveyancers, resulting in faster property transactions. Another key aspect about providing upfront information is that the buyer will have all the information they need to make an informed decision about the transaction.”
He notes that having a compliance process in place will help to streamline the conveyancing process. “When estate agents provide comprehensive details about a property, including relevant legal and leasehold information, it reduces the time spent on gathering necessary documentation and conducting additional research. For example, using full names in the sales memorandum rather than restricting it to initials, will help the conveyancer identify the parties involved. Having all the details means that conveyancers can quickly assess the property’s status and identify any potential legal issues, enabling them to expedite the conveyancing process,” says Offley.
Furthermore, timely disclosures made by estate agents significantly contribute to a smoother conveyancing process. “By promptly disclosing material facts and potential issues related to the property, estate agents allow conveyancers to address these matters early on. This proactive approach minimises delays, prevents surprises later in the transaction, and enables conveyancers to take appropriate actions promptly,” Offley comments.
Compliance with regulatory requirements also contributes to conveyancing efficiency. “Estate agents who diligently follow consumer protection laws, anti-money laundering regulations, and data protection guidelines ensure that the conveyancing process adheres to legal obligations and operates smoothly. By avoiding compliance-related issues, such as incomplete or incorrect documentation, estate agents help conveyancers focus on the essential aspects of the transaction, reducing the risk of unnecessary delays,” says Offley.
He advises agents to instruct sellers to appoint a solicitor at the point of marketing commencing. “This is another simple step within the process that can make an impact on the time it takes for the transaction to move through to exchange,” says Offley.
He continues, “estate agency compliance is not only about fulfilling legal obligations but also about creating a conducive environment for efficient property transactions. By providing upfront material information, making timely disclosures, and adhering to regulatory requirements, estate agents support conveyancers in their role and contribute to a smoother and more expedient conveyancing process.”
In conclusion, Offley notes that The Guild of Property Professionals remains committed to supporting its Members in upholding compliance standards and fostering collaboration among industry professionals. By continuously advocating for best practices and facilitating knowledge sharing, the Guild aims to improve the conveyancing process, benefitting all parties involved in property transactions.
If you have a view – please let us all know by emailing me at editor@estateagentnetworking.co.uk – Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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