Two properties which can be transacted wholly online have gone on sale.

Singer Vielle Sales is marketing the two apartments, which it believes are the first in the country that can be bought entirely digitally.

Both properties are tenanted and in the same building in Greenwich, London.

While both can be bought offline via private treaty, there is also an option to purchase online via ‘clicktopurchase’.

Singer Vielle Sales is a commercial agent.

Neil Singer said there is resistance to purely online transactions among agents, but added: “I’m an agent and I’ve exchanged contracts online for over £100m of property.

“It seems hard to see why it will not happen also in the residential sector. It makes buying easy.”

Singer said that the two apartments are likely to attract the attention of property investors, who might not necessarily even wish to view them.

In response to questions from Eye as to exactly how digital purchase works, he outlined these steps:

• Property is marketed with a complete legal package, including contracts
• Interested buyer and/or solicitor is able to review complete legal package
• If they wish to progress, the bidder must fill in the verification form online. This asks for details of the buyer and the buyer’s UK solicitor. On completing the form an email is sent to the buyer’s UK solicitor with a Money Laundering Certificate. The solicitor signs the certificate, confirming their client’s identity and returns it to the agent. Hence money laundering has been cleared. Then, if the agent is satisfied that the buyer has the financial ability to pay the deposit, the agent enables the bidder to be able to submit an offer should they so wish.
• If the bidder wishes to make an offer, they log in, and submit an offer. This generates an electronic contract note with a legally binding digitally encrypted signature. It is as if the bidder has signed a contract and put it on the agent’s desk.
• If the agent is asked to accept the offer by the client, he/she logs in to the administration panel, and clicks to accept. This attaches a digital signature on behalf of the seller and a contract is instantly formed. Emails are automatically generated advising the buyer’s UK solicitor where to send the deposit.
• Should the agent feel the best way to close is by a “best offer”, he/she will set a time and all parties must submit their offers by this deadline. The highest offer will be accepted, should the client choose, and an instant contract formed by the agent clicking. The agent may feel the best way to close is to run an online real time auction where he interacts with the bidders, live, in real time. The agent reacts to interest and easily closes by online private treaty, “best offers” or auction.

The apartments can be seen here and here