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David Sandeman
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Richard, this seems to be happening more and more. In the auction world where I work, we have been providing document rooms for the industry since 2008. To date over 250,000 lots have used one of our document rooms, with in excess of 2,600,000 documents uploaded for viewing and over 31,million documents downloaded by over 750,000 individuals. The point with these numbers is that in an industry that accounts for less than 2% of all property transactions there is clearly an appetite for legal and other information ahead of an exchange (which generally takes place on the fall of the gavel), and without the information being available ahead of the auction date very few sales would happen. The average time from catalogue being released to auction days is 18 days, and in this short time period because the information is available the buyer is able to exchange contacts on the day with a full understanding of the legal position. These benefits are easily transferable to the private treaty market and the auction model clearly demonstrates that the provision of comprehensive and reliable data can facilitate a quick exchange takes place. After all would you make an offer on a used car prior to seeing the logbook and service history?
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From: David Sandeman
21 January 2022 14:08 PM