Nov 13, 2018
Blockchain and Real Estate
Many people have bought a property at some point of their lives. They know how much headache it brings: They have to fill out copious amounts of paperwork and talk to a lot of people before receiving their keys and being able to move in.
There are many people between the buyer and the seller, and they all want their share of the pie. These middlemen include:
- Appraisers
- Inspectors
- Seller’s real estate agents
- Seller’s real estate solicitors
- Buyer’s real estate agents
- Buyer’s real estate solicitors
- Insurance companies
- Escrow companies
- Mortgage Lenders
- And there may be even more!
All of the fees for the above middlemen equate to anywhere between 5-10% of the largest purchase within a person’s life. This money is not going towards their new house. Without these payments to the businesses and agencies that manage pieces of information without which you can’t go forth with your purchase.
Real estate transactions generated over $245 billion USD worth of revenue in 2017.
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