Rightmove trials option to purchase commercial property online
Rightmove is trialling an option on some commercial property listings that allows buyers to submit offers and digitally exchange contracts by using a platform called clicktopurchase®.
The six-month trial gives potential buyers the chance to view a number of commercial properties on Rightmove marketed by London agency Singer Vielle, and then go straight to the clicktopurchase® platform to submit offers. Offers may be submitted by private treaty, “best offers”, or during a real-time auction, depending upon the method of sale selected by the commercial selling agent and vendor.
clicktopurchase® is a buying and selling platform that facilitates a legally binding exchange of contracts online. Property worth £225 million has been executed using the platform since it was launched, both in the UK and Ireland.
Acceptance of an offer results in an instant legal contract execution and the transaction audit trail and contract are anchored in Blockchain.
Rightmove’s Head of Commercial Alex Solomon explains: “Trialling a route to this technology through Rightmove will give potential buyers the chance to do everything online, from property search to legal exchange. By offering this to the UK’s biggest commercial property audience we’ll find out how much of an appetite there is for a solution like this.”
Neil Singer of London agency Singer Vielle said: “Our aim is to help make commercial building transactions move more quickly and smoothly, and the clicktopurchase® platform is allowing this to happen. The option to purchase using this platform is available on a range of our properties on Rightmove, from a £20 million plus office building in Mayfair to a £300,000 retail building 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. 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.”