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The Better, Cheaper AND Faster Way to Close.

Tuesday, November 19, 2019   /   by Vanessa Saunders

The Better, Cheaper AND Faster Way to Close.

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In a Deloitte study entitled "Block Chain In Commercial Real Estate" (CRE), the authors defined a block chain (note the word is not capitalized as it is the description of a process and not a name or brand) as “a decentralized, distributed, and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.”
What that mouthful means to lenders is significant. With block chain transactions, lenders will be able to qualify borrowers based on their digital credentials in seconds, versus days or even weeks today. Block chain transactions will also offer lenders the ability to store sensitive information like credit scores, social security numbers, and transaction records in a convenient, secure digital form. 
There are opportunities for block chain transactions in many facets of commercial real estate and real estate investment transactions such as property and title searches, financing, leasing, purchasing and selling, due diligence, managing cash flows, and payment management including cross-border transactions.
How to initiate a block chain transaction.
Transaction Management Platforms (TMPs) like Propy facilitate blockchain  transactions for real estate investors, reaching beyond borders to find properties around the globe and close deals from the investor's office. 
According to Propy, "The power of block chain technology means that client information and property contracts are safely transferred between parties and stored on the hackproof block chain. Furthermore, smart contracts allow transactions to be automatically managed without using escrow agents and other third-party members. These features save both time and money for real estate investors."
In summarizing their report, Deloitte put it this way, "Block chain technology has significant potential to drive transparency, efficiency, and cost savings for CRE owners by removing many of the existing inefficiencies in key processes. Hence, CRE companies and industry participants evaluating an upgrade or overhaul of their current systems should have block chain transaction capability on their radar as its demonstrated usefulness has the ability to bring significant value to the industry."


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Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258


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The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

©2020 One Key, Inc. All rights reserved.

The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.