The Revolution of Technology in Real Estate
The use of technology in the real estate market has revolutionized the way we buy and sell homes in recent years. From virtual property tours to online mortgage applications, technology has disrupted the traditional ways of buying and selling properties. Other aspects of the process are stuck in the stone age. Let’s take a closer look at the use (or not) of technology in today’s real estate market.
Virtual Property Tours
One of the most significant ways that technology has impacted the real estate industry is through the use of virtual property tours. With virtual reality technology, buyers can now view properties remotely without ever having to step inside them physically. This feature is particularly useful for buyers who are unable to travel to view properties or who prefer to save time by narrowing down their options before visiting in person.
Online Property Listings
Gone are the days when buyers had to rely solely on print advertisements and real estate agents to find properties for sale. Today, buyers can access online property listings from their smartphones, tablets, or computers. Online property listings provide buyers with more information about a property than they could ever receive from a print ad, including high-quality photos, videos, and 3D virtual tours.
Online Mortgage Applications
Technology in the real estate market has also made it easier for buyers to apply for mortgages online. Buyers can fill out their mortgage applications online, which speeds up the approval process and eliminates the need for in-person meetings with loan officers. This feature is particularly useful for buyers who don’t have the time to visit banks or mortgage lenders in person.
Smart Home Technology
Smart home technology is another way that technology has impacted the real estate industry. Smart home devices, such as thermostats, security cameras, and lighting systems, allow homeowners to control their homes remotely. Smart home technology has become increasingly popular among homeowners, particularly younger homeowners who are more tech-savvy.
Nationally, digital closings have become an increasingly popular technology in the real estate market, saving buyers and sellers from having to be physically present at a closing. E-signatures are enforceable in just about every jurisdiction, including New York, but Digital Closings are not the norm in the Empire State. While Contracts of Sale, Riders and Addendums are routinely e-signed, actual closing documents are signed the old fashioned way: with ink. In fact, in the majority of our closings, most Lenders insist that the borrowers re-sign all the mortgage documents like the application and releases in ink, even though they already e-signed them at the beginning of the process.
Additionally, documents like the deed and the transfer tax return are all ink signed. But what happens if you cannot be physically present at the closing? Our firm has faced this problem many times, and there is usually a solution. Sometimes it involves closing by mail, or other times we utilize a Power of Attorney so someone else can sign on the client’s behalf. It’s very circumstance dependent so if you think you may not be able to attend a closing, we HIGHLY recommend alerting your attorney to this possibility as early as you can.
In conclusion, technology has transformed the real estate industry in countless ways and that will no doubt continue. Perhaps one day we’ll even have digital closings in New York. But for now, our team has the experience and expertise to help you navigate the legal complexities of real estate and protect your interests. Contact us today to schedule a consultation and learn more about how we can help you.