Online Property Transaction – How do they work?

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The process of buying property is undergoing a revolution. Innovating solutions mean that paperless (or “dematerialised”) property transactions are authorised, paving the way for easier exchanging of information and documents for buyers and sellers alike – less paperwork, speedier communication and the possibility of arranging the whole process at a distance. Read our article to learn how an online property transaction works.

The increasing number of start-ups being launched in the sector shows just how significant the transformation taking place in real estate is. The obvious advantages are savings in terms of time and money. Above all, it is easier to find a property corresponding to your exact needs.

That manifests itself in the optimisation of data use through new online services. Before committing to anything, you can check whether the price of a property corresponds to actual market prices. A few more clicks will tell you about sunshine levels, noise pollution and local services around the property you are interested in and whether the neighbourhood is calm.

The trend corresponds to the changing behaviour of users. Internal Google data show that online real estate searches have shot up over the last few years. In October 2015, 7 million property ads had already been posted on the internet. Today, 90% of property searches are now conducted online, and that has actually been the case for a several years.

The different phases of an online property transaction

At every stage of the purchase, a paperless solution makes exchanging information and documents easier and quicker. Several banks now offer solutions that can be arranged at a distance from start to finish. The sums involved are still subject to an upper limit, but it does mean completely avoiding arrangement fees!

Thanks to electronic signatures, preliminary sales agreements can also be entered into digitally. None of the documents required for the transaction need be printed out and the seller and buyer – who must both agree to a paperless deal – certify their identities using their electronic signatures.

The same thing is true for the parts handled by a notary. The sales agreement is authenticated using the electronic signatures of the parties to the agreement who sign on a tablet, once the notary has read the document and made any changes that may prove necessary. The notary then certifies the deed with their “clé REAL” (a digital chip with encryption containing the notary’s electronic identification and signature). The High Council for the French Notariat (CSN) has announced that electronic signatures will, in the very near future, be valid from a distance.

The My expat platform

Dematerialisation, or the shift to paperless, is a particularly efficient solution to conducting transactions at a distance. That is why My expat has developed a platform to make it possible to stay in touch with your advisors throughout each stage of a real estate transaction.

The platform is a special online space where you can communicate with your My expat advisor. Primarily, to become familiar with properties that are on the market through photos, detailed visit reports and expected yields on the investment. But also by playing a much more active role in making offers and negotiating purchase prices. Response times are greatly reduced throughout the process. A mobile app connected to the platform keeps you up to date with what is happening with your transaction, the latest “events”, and the different deadlines that must be met, all in real time.

In this secure section, you can send any documents that are required for your transaction. Without having to travel, you can sign the preliminary agreement and the final deed of sale for your chosen property. Becoming a property owner is so much easier and the process is more efficient and secure thanks to being paperless. The opportunities are yours to seize