The entire change of ownership, from approaching the buyer and property inspection to the actual transfer of possession, took place without a single face-to-face meeting. EstateGuru financed the reconstruction of the sold property and the loan was paid back before the actual deadline.
In April, public notary Paavo Uibopuu, real estate agency LVM, EstateGuru, and a private person buyer participated in what was probably the first 100% contact-free real estate transaction in history when an apartment was sold in Tartu, in a building that historically belonged to the pre-war politician and public figure Jaan Tõnisson.
While the digital signing of contracts has been prevalent in Estonia for years and roughly 99% of all signatures given locally are digital, the new notary self-service portal e-Notar was only launched in March this year. The new e-Notar self-service portal enables more convenient booking of notary appointments and exchange of the relevant documents and data with the notary. The biggest breakthrough, however, 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”, Daniil Aal, Head of Group Sales at EstateGuru comments.
On the second day of the emergency situation related to the covid-crisis, real estate agency LVM Kinnisvara launched a contact-free brokering service that proved itself highly successful. “Initially, we only meant to promote properties to our customers through video links but due to customer demand, we extended the service quickly to include consultations, the conclusion of contracts and even price negotiations,” Philip Saksing, Head of LVM Kinnisvara Tartu Office, explains. “Just during last week, the volume of contact-free services doubled at LVM; as people value highly not only their health but also their time.”
“It is great to witness different players in the property market increasingly adopt digital services – this fosters market development and also supports the plans and ambitions of EstateGuru. In addition to its current digital services, EstateGuru has also set up an ambitious data science plan and a team of data scientists to merge service providers, SMEs and investors in different markets into a single functioning real estate market and to provide something unique compared to other financial institutions – a simple cross-border digital service to borrowers and investors”, Aal adds.