Paperless real estate transactions land in Massachusetts

April 7, 2005

State trade group partners with software provider

Inman News

The Massachusetts Association of Realtors and SettlementRoom Systems Inc., a Virginia-based software company, have recently partnered to offer Bay State real estate agents an electronic transaction management application that will allow the completion of property transactions entirely online.

The MAR-branded product, Transaction Live, is a Web-based platform that aims to promote efficient execution of the time-sensitive property transaction.

Specifically, Transaction Live allows all participants in the transaction – Realtors, attorneys, mortgage lenders, home inspectors and consumers –- to safely transfer documents and track the entire transaction using a computer with Internet access via an individual, password-protected site. The application will facilitate a paperless transaction in which documents may be uploaded, e-mailed or faxed directly into the software platform. The system also delivers instant e-mail notification when new documents are uploaded and tasks are completed; adds frequently used contracts, forms and tasks to any transaction with its time-saving "preload" feature; and provides secure viewing of confidential information assigned by an agent or broker.

"For those looking to meet the needs of today's tech-savvy consumer, this tool provides real estate agents with an emerging technology they can use to offer quality service and achieve a competitive advantage in the field," said Maggie Tomkiewicz, MAR president and owner of m. macdonald real estate in Dartmouth, in announcing the association's agreement with SettlementRoom.

Real estate professionals can learn more about the Transaction Live platform and demo the product online at Transaction Live is available for purchase by agents and brokers at special quantity pricing, ranging from $20 per transaction for packages of 10 to just $5 per transaction for packages of 300 or more.

Copyright 2005 Inman News

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