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New e-process for Australian buyers

Australian property red tape to be reduced.

Australian buyers will be given the option to reduce the amount of paperwork involved with buying a home.

The South Australian government has removed the restriction that means all parts of any land deals must be approved on paper, reports ABC Online.

This means some property sales will be able to be completed electronically and should help speed up the buying process.

Greg Troughton, from South Australia’s Real Estate Institute, explained more than 20,000 homes are sold in the region per year and each sale results in around 200 sheets of paper.

"For anyone that's ever bought or sold a property, the amount of paperwork that you end up leaving the agent's office with or the property with basically can now be electronically delivered," he said.

The changes could allow buyers and sellers to communicate via email and mean alterations can be made within minutes rather than days.

Australia is continuing to attract foreign buyers and the reduction of red tape could help increase this number further. According to research by National Australia Bank, 12 per cent of new properties built in 2013 were sold to overseas buyers.

Posted by Steve Douglas

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