On-Line “Representation” in Real Estate Transactions?

According to one U.K. source, the current Chancellor of the Exchequer, George Osborne, supports “removing barriers for new and emerging companies, in order to create better functioning business … the lifeblood of a thriving economy.”  Apparently part of that proposal is to permit on-line real estate agents.  From The Economic Voice:

Mr Osborne’s intention is for the Government to “further reduce barriers so that it’s easier for alternative business structures, such as supermarkets and estate agents, to offer legal services such as conveyancing.” A consultation next spring will look to remove these existing barriers for alternative business models in legal services, as well as making legal service regulators independent from their representative bodies….

 

However Mr Osborne’s big statement was the Government’s intention to inject innovation into the home buying process. They want to ensure that the modernisation of the estate agency sector through the online space, continues to provide consumers with quicker, better value routes to selling their home. Mr Osborne wants to encourage new business models such as online only estate agents, to enhance price competition in the real estate sector – as he believes they are yet to properly penetrate the property market.

Hat tip to Dickinson Law Professor Laurel Terry for the link.