Let us mention that new technology has been designed that will allow many parties to transact a property deal. The parties get together and finish the details regarding timing, special conditions and finances. How can these parties know that they could trust each other?
They'd need to confirm their arrangement with third parties – banks, legal organizations, authorities registration and so forth. This brings them back to square one in terms of utilizing technology to conserve costs.
At another phase, the third parties are now encouraged to join the real estate agreement and supply their input signal while the trade has been made in real time. You can check out the blockchain services in real estate to know more about these services.
This lessens the use of the middleman significantly. If the price is that translucent, the middleman may even be removed sometimes. The attorneys are there to reduce miscommunication and suits.
If the conditions are revealed upfront, these dangers are significantly decreased. In case the financing agreements are procured upfront, it'll be understood beforehand that the deal is going to be compensated for and the parties will honor their obligations.
This brings us into the final stage of this case. In the event the conditions of the deal along with the agreements are completed, how will the deal have been compensated for?
The unit of measure is money issued by a central bank, so coping with all the banks once more. If this occur, the banks wouldn't permit these deals to be finished without some type of due diligence in their end, which would indicate delays and costs.