Propy, an on-chain real estate transaction company, is partnering with Inspectify, a property inspection platform, to enhance the Propy platform and make it easier for buyers and agents to order inspection reports, and extract data from them to feed the settlement protocol.
By integrating Inspectify directly into the Propy platform, it hopes to make the home purchase process even smoother – by putting all of its components into one place – eliminating the need to juggle between apps and websites or losing track of paperwork.
Propy explained that buying a home can be stressful, and property inspections are a crucial and often confusing part of the process. However, through the new partnerships, buyers can now order property inspections directly through the Propy platform. All of the property information is automatically sent to Inspectify, saving time and reducing the chance for errors to occur.
This partnership is particularly significant for the Web3 space, where transparent and secure data flow is essential for smart contract execution. In on-chain-based real estate transactions, the accurate completion of inspections serves as crucial oracle data- verifiable information that smart contracts rely on to trigger settlements and closings.
This makes it possible to empower automated contract actions, such as finalising payments or transfers of ownership, based on the verified completion of inspections. This not only streamlines the entire process but also adds a new layer of transparency and trust for all parties involved.
Natalia Karayaneva, CEO of Propy, commented: “This partnership with Inspectify is all about making life easier for our users. By keeping the inspection process within the Propy platform, we’re simplifying the home-buying journey and moving property settlements on-chain without human off-line and off-chain interactions one step closer to the full potential.”
Creating more value for homebuyers
Once a property inspection is complete, the report is automatically uploaded to Propy’s platform, so buyers and agents can access it immediately and get an AI-generated summary; available after the closing in a secure Propy document storage.
“We’ve always believed that the home inspection that happens at the time of home purchase is the most robust and complex data set that exists on homes today, but given how analogous the process has been historically, it’s nearly impossible to unlock its full potential,” explained Josh Jensen, CEO of Inspectify. “Through this partnership with Propy, there is a tremendous opportunity to create more utility and value for homebuyers and ultimately the homeowners they are becoming.”
The Inspectify integration is live now and available for all Propy users. Continued enhancements to the platform will introduce even more features to help buyers, sellers, and agents navigate the real estate process with ease – including upcoming features like remote notary scheduling.
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