HM Land Registry completes first electronically signed transaction
QES does not require a witness as the identity of the signee is verified by a 'qualified trust service provider', a digital, independent identity check by a provider that meets strict criteria set out by legislation and known as eIDAS.
The transaction in question meant that the process of transferring the title was completed within 24 hours. Significantly speedier than the six to eight weeks typical of such a transaction with a so-called ‘wet signature’.
The technology was provided by DocuSign and is a significant step forward in digitising the industry.
The Law Society Gazette also noted that this “follows a finding by an industry working group earlier this year that such signatures are at least as secure as physical ones, and in most cases legally binding”.
Posted on 9 June, 2022 by Ortolan