When it comes to purchasing a house, whether you’re a first-time homeowner or an experienced buyer, the closing process can be stressful and time-consuming. Deeded, a tech company, is changing all that. We had the opportunity to speak with Reuven Gorsht, co-founder and CEO, about how they’re disrupting the mortgage closing process and helping Canadians become homeowners.
What is Deeded and where did the inspiration for the company come from?
Deeded is a technology-focused law firm focused on modernizing the Real Estate and Mortgage closing experience.
Two years ago, I was closing on my new home. The transaction on our previous home was supposed to close by 4 pm so that we can use the funds towards purchasing our new home.
About an hour from the deadline, my phone rang. It was my lawyer on the other line, asking for a document that our buyers have requested. He said they will not close without that document. The good news is that I knew what document he was referring to. The bad news was that it was packed onto our moving truck that morning and there was no way I can get to it by the 4pm deadline.
That situation ended up costing me hundreds of dollars in extra interest and fees, not to mention hours of stress and frustration. When I started looking into why this happened and why it was so last minute, I saw a clear opportunity to modernize the closing experience. I saw it as a perfect case for leveraging technology to support the fundamentals that make a closing the joyous moment that it should be.
Why should a homebuyer choose to work with Deeded?
Where Deeded shines is in the experience we deliver for our clients and partners. While we have an experienced Real Estate lawyer working on your transaction, our entire team and our technology are focused on a singular goal: Making your transaction smooth and simple.
What this means to a home buyer is unprecedented conveniences like remotely signing documents by secure video without ever leaving their home, to being able to see, at any given moment, where the transaction sits and what are the next steps. Everything we do goes towards ensuring a stress-free experience for everyone involved in the transaction.
Can you give us a quick rundown of how a video closing for a mortgage works? What should potential clients of yours expect from the process?
Shortly after the shutdown of non-essential businesses due to COVID-19, regulators in Ontario have announced emergency measures to allow commissioning of documents through video conferencing. Whereas previously documents can only be signed in-person in front of a lawyer or notary, the legislation, which has since been passed into law, now allows for documents to be securely signed using two-way video conferencing solutions.
At Deeded, we use purpose-built video signing technology to make signing documents secure, easy and convenient. Our clients sign their documents at a convenient time of their choice (including evenings and weekends). The entire signing is done online without ever having to print, scan, or courier a single piece of paper.
Our clients love the simplicity, safety and time savings of signing their documents online. If you can use a computer or smartphone, you can sign remotely. There’s no software to install, and the entire process is really straight forward.
What types of homebuyers would benefit most from working with Deeded? Is your service a good option for first-time homebuyers?
We’ve invested a lot into our service and platform to make the experience as stress-free as possible for first-time homebuyers.
Our entire team has been through buying our first home, and we’ve taken a lot of lessons from our own experiences. That’s why we take the time to educate buyers and spend time creating content. Such as our first-time homebuyers closing guide, which outlines all closing steps in addition to government programs, rebates, taxes and other key knowledge that can benefit a first-time homebuyer and save them time, money, and stress.
We also help a wide range of repeat homebuyers and sellers. From sophisticated investors who value convenience, predictability and speed, to clients who are looking for safe and convenient ways to close their Real Estate or mortgage transaction.
Currently, you only service Ontario, do you have any plans to expand your services to the rest of Canada?
Yes! We service Ontario at the moment. We are looking at options such as partnerships and licensing our technology to lawyers in other provinces (including Ontario) as we expand.
How are Deeded professionals qualified to help homebuyers through the closing process?
Our team consists of professionals that have many years of experience closing Real Estate and mortgage transactions and have worked on many transactions. Collectively, we all share the same passion and goals towards modernizing the closing experience and measure our success by the satisfaction of our clients.
Finally, Deeded seems like the perfect solution for consumers who are currently looking to purchase a house during these difficult times. How has the COVID-19 Pandemic changed your business?
While the pandemic has been very unfortunate, we’ve seen our industry go through more change in the past few months than it has for decades. We see these changes as positives that will move the industry forward and ultimately benefit the consumer and others who are involved in the home buying process. The realities of COVID-19 have also pushed many of our partners to rethink how they do business and offer new ways to interact with clients virtually. We see many of these new practices sticking around beyond the pandemic and becoming the “new standard” by which Real Estate and Mortgage transactions are done.
