What is Propy?
Propy is a platform that solves the problems of purchasing property across borders. Additionally, it makes finding and transferring real estate related documents more efficient.
What problem does it solve?
There is currently no single tool available that allows a property investor to research, pay for, and reliably secure and record ownership of international property online. Additionally, locating and transferring real estate documents likes titles and deeds can be a slow and cumbersome process.
What is its solution?
Propy created a network for users to research, pay for, and secure and record ownership of international property online. Through the use of smart contracts, real estate records are transferred digitally in a way that is secure and easily trackable.
How does it work?
- Buyer finds a house on Propy’s website and submits a reservation request.
- The Seller’s broker invites other participants like the title company and buyer’s broker into the process.
- The buyer, buyer’s broker, seller, and seller’s broker digitally sign a purchase agreement and the agreement is recorded on the blockchain.
- The buyer and seller sign the title report and record it on the blockchain.
- The seller’s broker sends out a disclosure form so that the seller, buyer, and buyer’s broker can sign it.
- The title company sends estimates to the buyer and seller called settlement statements.
- The buyer can pay for the real estate in fiat or cryptocurrency.
- The buyer and seller sign the addendum and record it on the blockchain.
- All closing documents are uploaded to the Ethereum blockchain.
What is the point of the PRO token?
The PRO token is needed to execute smart contracts within the platform. Specifically, PRO will be needed to transfer titles and deeds.
Propy’s documents mirror official government records but are not considered official on their own yet. Propy is piloting in Vermont and in Ukraine to test their platform and hopefully lead to their records to be officially recognized by the government, but their future status is unclear.
As shown in this article by InternationalRealEstate.news, blockchain and smart contracts offer a great opportunity to make real estate transactions more efficient and Propy is the first of its kind to integrate blockchain with real estate sales. Propy’s head start in the market is great, but BlockWolf thinks that there could be a chance that an existing real estate company could recreate a similar, more official platform, and make Propy obsolete.