Propy simplifies and secures the real estate transaction process by bringing every task into a single platform. All parties involved in the sale work within the Propy transaction platform, and all documents, communications, and financial exchanges are secured on the blockchain. Let us take a closer look at how Propy works when it comes to a typical property sale.
When purchasing a property through Propy, the Buyer completes all of the information fields on the Purchase Offer page. These include a cover letter, escrow company ID, offer price, and other details. At the bottom of the page, there is a place to upload additional documents to support the Offer, such as the Purchase Agreement or Title Report.
Reviewing the Offer
The Offer then progresses to the Selling Agent for review. The Selling Agent can accept, counter, or reject the Offer.
Inviting Other Participants
If the Offer is accepted, the deal is now in progress, and it is time to invite other participants to the transaction. The Title Company, Buyer, and Seller will need to be invited. The Buyer and Seller Agents will already be populated because these individuals have previously corresponded on the pending sale.
You can add the Purchase Agreement now. If you already added this document during the Purchase Offer step, it will be included here automatically.
Here, you can make assignments for each Participant regarding Disclosure documents. Participants can also virtually sign the Disclosures during this step, using the DocuSign integration feature. Once the documents have been prepared for the Buyer, they will be sent to this party for signature. The Buyer can sign, even if he or she does not have a Propy account.
Here, the Managing Broker sets up commission distribution (such as the amount allocated for the Seller’s Agent). Payment can be accepted through wire or check.
Here, the Managing Broker records all information submitted so far. Documents will be confirmed or rejected, pending correction.
End of Transaction
Following the completion of all previous steps, all documents, financial transactions, communications, and signatures are secured on the blockchain.
That is it! For anyone who has previously bought or sold real estate, the simplicity of the Propy platform will be apparent. With a cooperative team, this transaction can be completed in less than a day and secured on the blockchain forever.