imbrex and TruSet announced they are partnering to collect and curate real estate contracts for each state using blockchain technology. TruSet’s blockchain platform specializes in the collection of high-quality reference data. Imbrex’s real estate transaction closing room, Escrow Commons, is a transparent closing room where individuals on the buying and selling side of a real estate transaction can exchange transaction documents, clearly identify and assign action items, and process escrow, deposits and transaction funds. Both teams saw this as an excellent opportunity to employ TruSet’s technology and community to advance the collection and curation of essential real estate data.
“By aggregating the top purchase and sale agreements in all 50 states, imbrex will leverage OpenLaw markup language and convert the contracts to dynamic smart contract code,” said Stephen King, founder of imbrex. “The result will be a set of carefully vetted contracts that can be customized to reflect the individual deal. Agents will be able to list, obtain a qualified lead, choose from customizable contracts and process the transaction efficiently. In addition, imbrex plans to open source the agreements so that the entire real estate industry can benefit from this partnership.”
In the residential real estate industry, states use unique standards for purchase and sale agreements (PSAs). Some states, such as California and Colorado, do not require attorney involvement and contracts are standardized by local governments. In other states, like New York, where legal representation is more customary, contract frameworks vary. This lack of standardization creates confusion and inefficiencies in real estate markets and provides a tremendous opportunity for the large group of technologists and real estate agents around the country to curate the contracts using community consensus. Imbrex will utilize the TruSet community-curated purchase and sale agreements for each U.S. state.
“TruSet’s proven track record and understanding of data collection and curation models make this an ideal partnership,” said Will Janesch, founder of TruSet. “Our cooperation will provide a consensus-driven set of real estate agreements that can be translated into code then used for real estate transactions. The teams will release a detailed report outlining our results at the end of the pilot trial.”