Most of a real estate closing revolves around trust and verification. Buyers and sellers use trusted intermediaries to verify that properties, funds, contractual obligations and insurance safety nets are all properly vetted before closing a sale.
- Criminals are taking advantage of poor security in real estate transactions to defraud buyers.
- Security holes in the real estate transaction could be fixed with verification software.
- The role of a closing agent could be drastically altered with smart contracts taking over verification.