Propy’s new title and escrow services expand offer-to-close transactions on one secure platform for realtors and consumers
MIAMI, May 25, 2022 /PRNewswire/ — Propy (www.propy.com), the leader in real estate Web3 technology, has launched title and escrow services on blockchain for residential real estate transactions in Florida, Arizona, and Colorado, in a move that makes faster, more secure transactions a reality for buyers, sellers and agents.
Agents in these states can now manage sales on Propy’s platform from offer to close, removing legacy processes that slow down transactions, increase fraud risk, and keep everyone in the dark.
Click, click, close
For decades, the real estate industry has been talking about the idea of simpler transactions that are more automated, more transparent and with fewer dependencies and people involved. So far, only pieces of the transaction have been fully digitized, leveraging algorithms and automation.
Propy adding title and escrow services to its platform, follows the company’s overarching vision of a click-to-close reality for buyers and sellers.
“We had already built the next-generation closing platform in which smart contracts play the role of the escrow and title is recorded on the blockchain,” said Propy’s founder and CEO Natalia Karayaneva. “Launching the escrow and title business now brings us closer to our dream of closing more and more transactions in a secure blockchain environment.”
The company plans to make title and escrow services available in all states within 24 months.
The Propy platform has facilitated $4 billion worth of real estate transactions in the U.S.
Real estate agents use Propy’s platform to manage offers and transactions, and enable their clients to be able to see in real time what is going on with their purchase or sale.
“One of the greatest challenges in the title and escrow industry is wire fraud. With blockchain technology and security, wire fraud is virtually impossible,” said Anna Atencio, CEO of Propy Title, “Imagine the benefit for all parties of a transaction having full transparency of what is being delivered at each step of the transaction, and to the deed being recorded both on the blockchain and with the local county.”
Opening the door to crypto and NFTs
Another innovative aspect to Propy’s technology is its ability to facilitate transactions using both traditional means (cash and mortgages), and modern forms of payment and ownership like cryptocurrency and non-fungible tokens (NFTs).
In February and March Propy sold first ever real property NFTs in the U.S.
“We have eliminated the “worry and wonder” associated with the purchase process,” says Karayaneva. “Because the process is transparent, interested buyers and their agents were able to view offer activity and adjust their offers accordingly. They were able to close a transaction instantly.
Propy Title handles both dollar payments via wire and ACH, and crypto payments, and provides live closing tracking.
Propy is recommending real estate agents, who use the Propy closing platform, to consumers without charging referral fees and is releasing a new consumer app and agent app in September.
Propy, founded in Silicon Valley, is on a mission to revolutionize the residential real estate sales process. The company’s blockchain innovation removes inefficiencies, streamlines everything from offer to closing to recording title, records everything securely, and enables buyers and sellers to use traditional financing, dollar or cryptocurrency payments, or NFT-ed properties sales. The company has processed $4bn in transactions and recorded them on blockchain.
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