Empowering The Coins in Shining Armour
Due to inherent inefficiencies in today’s transactional real estate, transaction costs can reach 10% or more of the total transaction value and the time required to complete the process can be very long, even excluding the time required to agree on a transfer price. And due to the large sums of money involved, the potential financial downside associated with a flawed process, including post-closing property registration and mortgage documentation, is huge.
These pain points are especially evident in cross border transactions which can suffer from a lack of standardization, lack of transparency, mounds of paperwork, risk of fraud, errors in public records, and a host of logistical challenges associated with getting buyers and sellers together.
PROLONGED TIME TO CLOSE
When all parties are unable to see where the various bits and pieces of a transaction stand at any point in time, communications are inefficient and critical path items can go unnoticed resulting in unnecessary delays
The buyer and seller may need to be in the same physical location to sign hard copies of closing documents creating potential logistical challenges and added cost for long-distance transactions
UNTRUSTED SERVICE PROVIDERS
Buyers acquiring property long-distance need to find local service providers in whom they can trust to competently represent their interests
The reliance on hard copies leads to risk of documentation errors and a more time consuming, cumbersome and expensive closing process
LIMITED PROPERTY PORTAL REACH
The services provided by existing property portals are generally confined to providing listings and their market reach is limited to the extent they are not integrated with property portals in other geographies
The buyer may experience difficulty accessing and paying the purchase price in the seller’s currency of choice, or may wish to pay with crypto currency
RISK OF DEFECTS
A variety of documentation-related defects can invade a real estate transaction, whether introduced through malfeasance (i.e. fraud, tampering and corruption) or human error
There can be a heightened risk of misunderstanding among the parties due to the buyer’s unfamiliarity with, lack of proximity to, or inability to read or speak the language of the seller’s jurisdiction
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