Even though Propy’s main focus falls on the U.S. market, the company continues to generate attention all over the globe. Propy’s Transaction Management Platform has been used to purchase land in Niseko, Japan, to register deeds in Vermont, and to swap crypto for real estate in Seville, Spain.
Most recently, the platform was engaged in transferring ownership of a former school building and a tract of agricultural land in Latvia. The transaction was Propy’s first in the Baltic country.
The Property
Located in Valka on Latvia’s border with Estonia, the parcel is part of the picturesque North Latvia Biosphere Reserve. The grounds include orchards, a pond, and the Omuļi School. The school was closed in 1975 and has since been put to use as a cultural center, library, post office, dentist office, and canteen.
The Buyer
Eva Cildermane found the property on Facebook, where it was advertised by a holding company. She did some research and saw potential in the building and its surroundings. “I can call myself old-fashioned,” she said, “as I believe that things should be fixed and repaired, not thrown away or torn down.”
Eva plans to convert the area into a retreat for busy creatives. She explained, “Sometimes all we need is to inhale deeply and then click the ‘restart’ button.”
Cildermane speaks from experience. As an entrepreneur, her schedule is hectic and requires extensive international travel. She saved herself additional air miles by relying on the latest in transaction management tech to buy her new property remotely.
Propy Delivers Speed and Security
Propy’s all-in-one design enabled her to manage the entire deal online. All documents, including a formal request to the municipality, were sent and signed electronically. The buyer paid her deposit, remaining balance, and fees via online banking. A notary public confirmed her identity by video conference. Four days later, Latvia’s digital Land Registry notified that their database had been successfully updated with the transfer of title. Meanwhile, Propy’s platform had committed the deed to the blockchain.
Just the Beginning
The case was Propy’s first foray into Latvia, but it won’t be the last. The company’s transaction platform streamlines the purchase process, permitting a quicker, more secure transaction for all involved. That has appeal for internationals like Cildermane and locals Latvians alike.
Propy’s Transaction Management Platform is easily customizable and adaptable to any jurisdiction and workflow. Though the company’s main focus remains within the U.S. market (U.S. agents, brokerages, and homebuyers), we are happy to acknowledge the use of our product all over the globe.
