"We really believe the key to digital transformation in this industry is the building of a broad ecosystem based on open data standards"
- Ed Molyneux - Moverly
The Open Property Data Association has announced that it has released the newest version of its property data trust framework which, among other benefits, will help key conveyancing information to be provided digitally.
OPDA’s framework aims to make transactions easier and more efficient and is freely available to the entire property industry and its software providers, from estate agents, through to lawyers, lenders and brokers, without any restrictive, proprietary licences.
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. This includes whether the property has been purchased with a Help to Buy equity loan.
The new version also supports the latest and fifth version of the Buying and Selling Property Information (BASPI) form, updated earlier this year to support the new National Trading Standards Material Information guidelines. Estate agents using the updated data fields in the OPDA framework will be compliant with the new guidance.
The new version 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.
Ed Molyneux, co-founder of Moverly and chair of the OPDA Schema Working Group, 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."
