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Real Estate Gazette ISSUE 35 Real Estate Gazette FOCUS ON: TECHNOLOGY www.dlapiperrealworld.com Australia Mauritius Electronic conveyancing: The property A digital land registry: industry’s new bandwagon The example of Mauritius Denmark United Arab Emirates The benefits of blockchain The tokenization of real estate: technology in construction A view from the Middle East Germany Portugal Smart building: A permanent revenue Blending modernity and tradition: stream for real estate developers? Proptech in the rehabilitation of Portugal’s cities Luxembourg US Building information modeling and the internet Proptech: Is it the future of real estate? of things in the commercial real estate market 2 WWW.DLAPIPERREALWORLD.COM A note from the Editor A very warm welcome to all our readers to Issue 35 of the DLA Piper Gazette. In this issue, we focus on the topic of technology. We have remarked before in these understand the issues facing pages on the constantly evolving technology companies in raising Susheela Rivers nature of the real estate industry. capital; our property lawyers Co-Chair, In this sector, as elsewhere, it is the understand the best way to Global Real Estate Sector emergence of new technology that incorporate new technologies into heralds radical change. There are the entire real estate process; and various reasons why industry players our securities and privacy lawyers may not be willing to embrace these understand the requirements of changes wholeheartedly; concerns applicable securities laws and money about online security in relation to laundering rules. For more on all electronic conveyancing (see our these issues, see our US article on Australian article on page 6), and the page 28. Articles from Germany need to comply with securities (page 12), Luxembourg (page 16) law in relation to tokenization and Mauritius (page 20) delve further made possible through blockchain into technology-related topics. technology (see our article from the Middle East on page 22), Other subjects under the spotlight to name just a couple. Nevertheless, in this issue are product as service the bald fact remains: we are living agreements in Belgium (page 30), in an era of greater and more rapid entitlement to offshore wind farms technological advance than humanity in the Netherlands (page 34), has ever witnessed and serious and legal issues relating to the “We are living in industry players must keep pace with acquisition of agricultural land an era of greater technological developments, or risk in Poland (page 38). being left behind. The DLA Piper and more rapid team takes a multidisciplinary We do hope that you enjoy technological approach to advising clients in reading this issue. this area. Our corporate lawyers advance than humanity has ever witnessed and serious industry players must keep pace with technological developments, or risk being left behind.” 3 REAL ESTATE GAZETTE | ISSUE 35 | 2019 Contents Technology AUSTRALIA Electronic conveyancing: The property industry’s new bandwagon ......................................................6 DENMARK The benefits of blockchain technology in construction ..........................................................................10 GERMANY Smart buildings: A permanent revenue stream for real estate developers? ......................................12 LUXEMBOURG Building information modeling and the internet of things in the commercial real estate market ..........................................................................................................16 MAURITIUS A digital land registry: The example of Mauritius .....................................................................................20 UNITED ARAB EMIRATES The tokenization of real estate: A view from the Middle East ................................................................22 PORTUGAL Blending modernity and tradition: Proptech in the rehabilitation of Portugal’s cities ......................26 US Proptech: Is it the future of real estate? .....................................................................................................28 4 WWW.DLAPIPERREALWORLD.COM General BELGIUM Product as service agreements: A stepping stone to a circular economy ..........................................30 NETHERLANDS Entitlement to offshore wind farms .............................................................................................................34 POLAND Fewer restrictions on the acquisition of agricultural land ......................................................................38 SWEDEN Overview of the issues surrounding tenant-owned apartments in Sweden ....................................................................................................................................40 5 REAL ESTATE GAZETTE | ISSUE 35 | 2019 Electronic conveyancing: The property industry’s new bandwagon Eagul Faigen and Pearl Wong, Perth and Sandra Pepper, Brisbane The Australian property industry is in the process of converting from the 150-year- old Torrens title physical paper system of exchange and settlement of property transactions to an online electronic conveyancing system. The introduction, and in some cases, mandatory use of the Property Exchange Australia (PEXA) platform for electronic property lodgment is gearing up to make the traditional, paper-based settlement process a thing of the past. However, as with the introduction PEXA automatically releases the misplaced or lost. PEXA aims to of any industry-disruptive technology, balance of the transaction funds prevent this by providing pre- there can be associated risks to the seller and electronically lodgment verification of documents and property buyers, sellers, and distributes other payments, including processes. It also reduces the financiers should be aware of these loan repayments, stamp duty and time taken for preparation risks as they enter into the new era GST. PEXA automatically lodges and attendance at settlement, of electronic property transactions. the relevant registry instruments by providing electronic signing, for registration with the land real-time electronic settlement and What is PEXA? authority in the state where the immediate registry lodgment of The PEXA platform was launched transaction occurs. documents, as well as streamlining in 2010, providing for the digital the post-settlement tasks. settlement of conveyancing and Benefits of PEXA • Certainty of property title other land transactions in an • Cost and time savings The PEXA platform automatically electronic workspace. Conveyancers There are well-known time and alerts the parties to possible can use the PEXA platform to cost inefficiencies associated disputes around competing liaise with the property buyer or with physical paper settlements interests in the property, seller’s bank, digitally sign and as a result of delays which may for example where a caveat or lodge documents and transfer arise due to inaccuracies and writ is lodged over the property funds, removing the need for bank mismatching information in the title by another party in the cheques and physical exchange paper documents and processes period between settlement and of documents. At settlement, and, on occasion, documents being 6 WWW.DLAPIPERREALWORLD.COM registration. With PEXA, final title PEXA network. It is anticipated into emails between conveyancers searches are carried out minutes that by 2022, the industry will be and sellers, amending account before settlement, reducing the operating from a 100% digital details to redirect settlement registration gap so the chance lodgment and settlement platform. funds without the buyers being of a post-settlement conflict over The use of electronic conveyancing aware. PEXA’s response was to title will disappear. through PEXA is expected to save clarify that the hack occurred numerous hours per transaction, through emails and not through • Sellers receive settlement and is expected to contribute an its platform, and maintained funds quickly average AUD89 million to the that it was for conveyancers and For sellers, PEXA provides them conveyancing industry per year. practitioners to run their own with the proceeds of sale more checks before digitally signing quickly than a paper settlement, Emerging issues for a transaction to proceed. immediately depositing the While the industry prepares to While this may be the case, it is settlement funds electronically reap the expected efficiency a legitimate concern that the in their account allowing access and cost benefits from PEXA, amendments to the account within half an hour of settlement. parties involved in property information were not detected or Electronic settlement also removes transactions should be aware of the flagged for the conveyancer prior the need for bank cheques and the risks associated with jumping on to settlement on the platform. associated fees. the (mandatory) bandwagon. The potential for cybercrime Since its roll-out, Australian state highlights the need for those • Security governments and land registry using PEXA to be vigilant, and to A primary concern is the lack offices have begun mandating that avoid placing undue reliance on of account verification in PEXA’s eligible transactions be lodged the PEXA platform as a one-stop- e-conveyancing process and risks through PEXA. In Western Australia, shop for possessing all of the associated with fund movement New South Wales and Victoria, correct party details to be used at settlement. In the middle of last all eligible transactions must be at settlement. year, several
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