EstateGuru, a marketplace facilitating property-backed loans for SMEs, is touting its “first” 100% contact free transaction for a property loan. According to EstateGuru, the platform financed a reconstruction of a property where everything happened without a single face to face meeting – an interesting ability during the COVID-19 crisis.
EstateGuru reports that in April, public notary Paavo Uibopuu, the real estate agency LVM, EstateGuru, and a private investor participated in a 100% contact-free real estate transaction for an apartment sold in Tartu, in a building that has historically belonged to the pre-war politician and public figure Jaan Tõnisson.
Early on in the pandemic, real estate agency LVM Kinnisvara launched a contact-free brokering service that is said to be highly successful.
Digital signing, which has been in place in Estonia for years, was combined with the new notary self-service portal e-Notar to complete the transaction. The e-Notarself-service portal enables a more convenient booking of notary appointments and exchange of the relevant documents and data with the notary. The company believes that the biggest breakthrough is remote notarization, which allows parties to conclude transactions from abroad without a physical visit to the notary.
“At EstateGuru, 90% of our core processes are digital – this includes concluding all contracts, verification of the identities of borrowers and investors, making the investments etc. We are proud that we could be remote participants in what was probably the first 100% contact-free real estate deal in the world. The reconstruction of the Jaan Tõnisson building in question was financed through the EstateGuru platform,” stated Daniil Aal, Head of Group Sales at EstateGuru.
Philip Saksing, Head of LVM Kinnisvara Tartu Office, reports that during last week, the volume of contact-free services doubled at LVM.
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