Rightmove to trial digital offer and purchase platform on some of its commercial listings
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 properties on Rightmove marketed by commercial property 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 chosen by the agent and vendor.
Clicktopurchase, developed by Singer Veille, is a buying and selling platform that facilitates a legally binding exchange of contracts online.
Acceptance of an offer results in an instant legal contract execution and the transaction audit trail and contract are anchored in blockchain.
Property worth £225m has been executed using the platform since it was launched, both in the UK and Ireland.
Although its application can also be used for residential properties, no high street UK estate agents are using clicktopurchase.
Some residential properties have been sold through the platform in Ireland, while in the UK some investment properties have exchanged through clicktopurchase, including a four-bedroom HMO in Manchester last year.
Rightmove says there are no plans to trial the application on residential properties listed on its site.
Alex Solomon, Rightmove’s head of commercial, said: “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-based 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 £20m-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.”
The commercial properties for sale are at: