How Technology Impacts Real Estate Deals in New Jersey
Embrace Technological Disruption in Real Estate Transactions with the Support of Our Experienced Lawyers in Monmouth County, NJ
In the 21st century, technology is touching every aspect of our personal and collective lives. In the post-pandemic era, technology is playing an even larger role in the global society, more people work, shop, and explore from home. Every industry is shifting its operations, standards, and innovative capacities as a result of wider access to technological advancement. The real estate industry is no different: technology is changing the game across multiple areas of the field.
Technology is advancing quickly across various industries, and the real estate sector is no exception. Whether you are a buyer or seller involved in a real estate transaction, these technological advancements can give you an edge and enable you to navigate the rapidly changing real estate environment effectively. Our team of real estate attorneys at Bronzino Law Firm is well-informed about the latest technological gadgets and is ready to offer the support you require in Long Branch, Wall, Mantoloking, Ocean Township, Manasquan, Point Pleasant, Lavallette, Freehold, and across Monmouth and Ocean County. Do not hesitate to contact us online, or through our Brick, NJ office at (732) 812-3102.
Transforming the Real Estate Transaction Through Technology in NJ
Real estate technology, or property technology – known as PropTech, refers to all technology platforms and software supporting the real estate industry, including potential buyer engagement, sales, and market research. Real estate technology is a rapidly-expanding facet of the industry.
Technological Add-Ons in the Real Estate Industry
One of the primary benefits of new real estate technology is that it gives potential buyers access to property search and experience tools that were previously not available and that allow much of what used to occur in person, including showings and open houses, online in 3D. Other real estate technologies expedite the home purchasing process by digitizing traditional procedures. And on the seller’s end, advancements in analytics provide agents with a broad array of data through which they can quickly and comprehensively glean market data and trends.
The Drawbacks of the Use of Technology in Real Estate
While there are ample benefits to using the growing availability of real estate technology, there could also be some drawbacks. The real estate industry has long been a personalized venture in which another human gets to know you and your unique needs and desires. Real estate technology removes the human middle person, in many cases, making for a far less personal experience. Another drawback related to this is that you may forfeit some valuable information and indirect connections that a human, and not an algorithm, could have provided. Additionally, while technological alternatives to middle people are generally reliable, there are heightened risks of security breaches that occur with handling everything online.
Pros and Cons of Blockchain Technology in NJ
Blockchain technology allows transparent information and record sharing within a closed network. The technology serves as the facilitator for transaction and asset management. In the real estate setting, blockchain technology allows for secure transactions to occur without involving the traditional middle people, including lenders, banks, and attorneys. The benefit of this technology in real estate is that it makes the buying process swifter. The drawback of the process is that, by removing the presence of a real estate lawyer, it leaves room for incomplete information or error to sneak its way into a binding sales contract, causing long-term issues.
How Valid are Digital Contracts and E-Signatures in Real Estate Transactions?
According to the Uniform Electronic Transactions Act, UETA (C 12A:12-7), an electronic document satisfies the requirement of an in-writing record, and an electronic signature satisfies the requirement of an in-writing signature. It is important to note that they are only valid if they can be reproduced if required. There are four elements of legally binding electronic signature law in New Jersey and the United States: 1) both parties must be in agreement to sign in order for the electronic signatures provided by one or each to be valid; there can be no coercion or validity without two-party agreement. 2) both parties must agree to engage in their business electronically. 3) the signature must include an associated record that captures the process or graphic of the signature. 4) electronic signatures records must be retained for later reference or validation.
Contact Red Bank Attorneys Assisting with Real Estate Matters
While innovative technology expands the breadth of real estate information and action you can engage online, there are still innumerable reasons to include a real estate attorney in your search. An attorney helps you research important information like former titles and draft important supplemental contracts such as title insurance policies, as well as reviews that your contract is comprehensive and doesn’t have any holes. They can even help you use what they find to negotiate a better deal. Additionally, they help draft and review closing documents.
Our team at Bronzino Law Firm leverages innovative technologies to support the stellar work we do for our clients in Rumson, Seaside Heights, Stafford, Holmdel, Neptune, and across Monmouth and Ocean Counties. Contact us today at (732) 812-3102 for a free consultation to learn how we can get you on the way to your new home or commercial property.