Due to inherent inefficiencies in today’s transactional real estate, transaction costs can reach 10% or more of the total transaction value and the time required to complete the process can be very long, even excluding the time required to agree on a transfer price. And due to the large sums of money involved, the potential financial downside associated with a flawed process, including post-closing property registration and mortgage documentation, is huge.
Here's a great article on the state of property tech in residential real estate from our friend, Eric Lapin, at Old Republic Title. Don't let the name "Old Republic" fool you! These guys are on it!