Петро Зінковецький запускає платформу віртуального закриття угоди купівлі-продажу нерухомості

Онлайн-платформа InstaClosing прискорить та зробить дешевшим закриття угод. Віртуальний процес купівлі-продажу нерухомості для купця/продавця буде коштувати тільки $350.

Колишній харків’янин Петро Зінковецький (Petro Zinkovetsky) має правничу практику в Нью Йорку. У нашій розмові пан Петро пояснює деталі його “революційного” проекту

Could you describe the steps off the closing for buyers, if they choose to use your platform?

— As far as the steps a typical buyer and seller will have to take they will be the same whether they use InstaClosing or regular closing process: due diligence, contract, title search, preparation for the closing and closing itself. But InstaClosing streamlines the real estate closing process and makes it more efficient by using technology to automate those steps. Having handled thousands of closings as an attorney I saw how inefficient the current closing process is. InstaClosing uses technology for everything from due diligence, to signing of the contract to closing itself.

Our process allows buyers and sellers to close up to 4 weeks faster and save thousands of dollars in the process. We are not recreating the real estate closing, we are using technology to bring the real estate closing up to date. For example, the current closing process relies on parties constantly exchanging documents by emails, then editing them and exchanging them again. Let’s take the final version of the contract of sale. Once the final version of the contract is finally agreed on every party signs it separately and the seller signs last. The current process requires the seller’s attorney to send the final version of the contract to the buyer’s attorney who then forwards it to the buyer, the buyer signs the contract, sends it back to their lawyer, then buyer’s lawyer sends it to the seller’s lawyer, seller’s lawyer send it to the seller and then the seller signs it.

And the way the fully executed contract gets back to the buyer is by the seller sending it to their attorney, the seller’s attorney sending it to the buyer’s attorney and buyer’s attorney sending it to the buyer. That’s 8 steps and 8 emails just to sign the document, and that’s provided there is only one buyer and one seller. If there are multiple buyers or sellers and they are not signing together then there are even more steps just to get the agreed on contract signed. This is a tremendous waste of time and resources. InstaClosing allows buyers and sellers to sign contracts instantly, without any need for this back and forth. InstaClosing keeps all parties to the real estate transaction informed about the process, what’s outstanding and who is responsible for it. This way each party can sign or upload the required documents without the need to send 8 emails back and forth.

So if I understand you correctly, it’s something like a chest of drawers and all parties have access to these drawers and see what is ready, what’s not ready? 

— Correct. Except that InstaClosing does a lot more than that. This is not just an online signing tool or transaction progress tracker. Users benefit not only from the technology but also from the dedicated closing team that offers concierge level service throughout their transaction.

Okay, so I understand the convenience off this platform. How about the financial side? How much does it cost? In New Jersey lawyers charge on average $1500 per one contract. Plus, the title agency charges another $400. So we have close to $2000. How much does it cost with InstaClosing? 

That’s $2,000 per side and that’s NJ. In Manhattan some attorneys charge as much as $3,500 to $5,000 for real estate transactions per side. InstaClosing charges a flat fee of $350 per side. I just wanted to clarify that InstaClosing is currently available only in NYC, although we will be expanding to more states in the nearest future and that InstaClosing is not a law firm and does not provide any legal services. Our technology allows clients to transfer ownership to the property in a secure, quick, easy and convenient way.

What about negotiating the term off the purchase contract? 

— As I’ve mentioned InstaClosing is not a law firm. We use our own proprietary contracts and processes to transfer title to the property between the buyers and sellers. The parties have to agree to several key business terms such as purchase price for example, and InstaCloing will take care of the rest.

Usually, on the day of closing, you have to be there. You have to bring your driver’s license to show that you are a legal resident, you have to sign all the documents in presence of the lawyer. Now it is a Covid time. With InstaClosing, could everything be done remotely?

— This is a very good question. The short answer is yes, but with a small caveat. Our goal is to be fully digital, and we have the capability to handle transactions 100% online, however not every county accepts electronic signatures for recording real estate transactions. Some counties still require original signatures, so obviously for those transactions there is still a need for original documents. But even in those cases we handle transactions remotely. I think these are temporary limitations as it’s just a matter of time until electronic signatures are going to be accepted by every county in the US.

Roman Bilovus, Zakordonna Gazette

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