Changes to signing and exchanging property contracts

17th November 2023

On 1st November 2023, The Law Society announced a consultation with conveyancers and key industry stakeholders on a new draft code for signing and exchanging property contracts. The consultation is in response to technological changes in the way business is done and the impact of COVID-19.

The aim of the new draft code is to remove the uncertainty around exchanging contracts for commercial and residential property by allowing the use of new technologies to conduct transactions.

The Law Society States: “We know that the law isn’t entirely clear around certain aspects of using electronic documents in the conveyancing process. We’re consulting on our proposed changes with conveyancers and key industry stakeholders to make sure it is useful, actionable and improves your day-to-day work-life. This feedback will be vital in shaping the code and making sure it works for solicitors, firms and clients. The code will modernise the way you (conveyancers) do business, save you time and provide much-needed clarity to help you move towards exchanging digitally in a way that’s fit for the 21st century. ”

The Law Society is consulting with Conveyancing Quality Scheme (CQS) firms, local law societies and conveyancing stakeholder organisations to seek their views.

Duncan McGregor, Partner & Joint Head of Residential Property

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