Technological advances impact every facet of our life. We now use phones that allow us to work and keep in contact with loved ones virtually anywhere, at any time. We have vehicles that continue to move closer to full autonomy. What could be next?
The next step: Changes to the real estate market
The real estate market is evolving. Here in Florida, we have seen new laws passed that change how our beaches are used and an increase in development of homes in beach communities. Two additional changes that directly involve technological advances could include:
- The cloud. The ability to transfer and store documents in the cloud could help to increase the efficiency of the closing process. Parties to real estate transactions could use the cloud to transfer required documents and digitally complete the transaction. Although more efficient, the potential change highlights the importance of carefully drafted documents. A more efficient process may mean the parties have less time to adjust and add provisions before the closing is finalized.
- Blockchain. Although most commonly known for its connection with bitcoin and other forms of cryptocurrency, blockchain will likely provide a different opportunity in the real estate market. The transparency and security offered by blockchain could prove beneficial to real estate transactions. Systems are in the works that allow parties to carefully track the real estate deal. Use of cryptocurrency could also play a role in the real estate market, but this is unlikely in the near future.
These are just two potential technological impacts on the real estate market. These and other advances highlight the importance of carefully drafted real estate documents.
