We’ve all heard of identity theft and wire fraud, but what about real estate fraud? Renovated, vacant, rented and mortgage-free properties are high risk. Fraudsters attempt to obtain ownership of these properties by using false documents to transfer the deeds to their name. They may also engage in wire fraud or use other creative methods to impersonate the registered owner. Suffice it to say, this is a real and current problem in the real estate industry, and it’s one that
Propy’s mission to become “the Amazon of real estate”
Why is Amazon so popular? Yes, the site has everything you want. More importantly, however, is the element of trust. If Amazon hadn’t kept its promises, it wouldn’t be here today. When you buy a product from the Amazon site, you know full well that it will eventually arrive at your front door.
Propy protects buyers’ and sellers’ money
When registering on
Blockchain technology and the future of transparency
In many real estate and electronic fraud cases, title agents and real estate agents are suspected of criminal activity; because the aforementioned parties have access to inside information, they are assumed to be first on the list of bad guys who perform the fraud. Often, agents are victims of fraudulent activities, even if they are not the ones who engage in fraudulent activities. In the event of fraud, the seller or the buyer must go to court to recover the money, provide documents and pay expensive legal fees. Normally, the legal authorities cannot find the stolen money; thus, brokerages or title companies must cover consumer losses themselves. Propy solves this complex problem.
While humanity is still far from unleashing the full potential of blockchain technology, organizations like