REAL ESTATE PURCHASE PARTIES
The digital checks that REDD performs can also be performed on a small property, subject of a sale..
Having trained the artificial intelligence algorithms for large and complex Real Estate document sets, the analysis can be conducted quickly and at low costs even on house documents.
Both the buyer (safer in the purchase he makes) and the seller (he will be able to sell a property with a documentary kit in place) benefit from the advantage of using REDD technology.
The methodology will consist in extrapolating all the relevant urban planning and building information and making them converge on a summary report where on the document kit will also be assigned a score based on the documents present. For example, the report can be used by the Notary to verify the legitimacy of the building or to request clarifications from the real estate agency.
The advantages for buyer and seller offered by REDD are:
Identify documentary gaps in the property and areas of risk
Find missing documents promptly
Estimate any amnesty costs (if possible)
Shorten the timing of the purchase/sale
Generate significant economic savings thanks to the use of REDD technologies.
BUSINESS CASE – PURCHASE OF AN APARTMENT AND SUBSEQUENT RESALE WITH A SURPRISE
The buyer of a portion of cottage in a real estate development near Rome, who is also a real estate agent, does not check the completeness of the documentation, relying on a colleague broker and the notary.
A few years later, for needs related to job opportunities, she decides to sell the property. Once the preliminary agreement has been stipulated and – received a large deposit – it emerges that the original building title does not appear among the documents of the property or, more precisely, despite having the title frontispiece of the building permit, the floor plans are not available.
Accessing the municipal documents, it is verified that the attached drawings contain a substantial discrepancy respect to the cadastral plans and the survey of the state of affairs.
The sale negotiation blow up and the potential seller is forced to return double the deposit in addition to submitting an application to the Municipality to “tax” the abuse, as it is not possible to remove the abusive part without prejudice to the compliant part.
In conclusion, if he had used the REDD service at the time of purchase, he would not have lost about € 70,000 out of the € 250,000 purchase to remedy the abuse.
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