The Open Property Data Association has released the newest version of its property data trust framework which will help conveyancing information to be provided digitally.
OPDA’s framework already aims to boost the digitisation of the property market, thereby making transactions easier and more efficient, and said this new version will make it “easier” for consumers to view comparable conveyancer quotes.
The association argued that this would bring greater choice to the property market.
OPDA Scheme Working Group chair, Ed Molyneux, said: “We really believe the key to digital transformation in this industry is the building of a broad ecosystem based on open data standards.
“It’s so encouraging to see all of our members engaging with the collaborative development of our Property Data Trust Framework so we can all finally unlock the potential of trustable, securely exchanged data.”
Produced in collaboration with OPDA members, the latest version of the framework has several new features.
It can represent key pieces of information required for producing a digital seller conveyancing quote, including whether the property has been purchased with a Help to Buy equity loan.
This new version also supports the latest and fifth version of the Buying and Selling Property Information form, updated earlier this year to support the new National Trading Standards Material Information guidelines.
It also supports additional documents in the digital property pack, and it can represent some important declarations required from sellers.
These include declarations such as the authority to act on behalf of all sellers and their consent to share the data in the property pack with buyers, conveyancers, and lenders.
This release follows the King’s Speech which announced a digital information and smart data bill that proposes uses of data to help the homebuying process.
Currently, less than 1 per cent of property information is available digitally.
tom.dunstan@ft.com
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