"The operating principle of enTrust and Title group of companies is to provide complete transparency, simplicity, speed and security in any real estate transaction by acting as a neutral third party intermediary."
"Starting professional services such as enTrust & Title in our market is a great move that is in line with our strategy to insure professional service providers satisfy the investors. The knowledge and the technology that exist within enTrust & Title will save investors time and will assure them better due diligence before entering in a deal," said CEO of the Real Estate Regulatory Agency (RERA), Marwan Ahmed Bin Ghalita. The enTrust & Title online services enable parties in a transaction to deliver "closing instructions" to the Company that spell out exact responsibilities and key deliverables in their Sale and Purchase Agreement or MoU.
Highlighting these instructions, Lisa Dale, a property partner at the law firm of Al Tamimi & Company, validated that "they are very thorough and in conformance with the local laws, regulations and procedures." The biometrics of the principals captured during the signing of the closing instructions are used to validate the authority and ownership of the Seller and identify the Buyer and his pertinent details.
The Company reviews the "closing instructions" to determine and obtain specific powers of attorney from both parties to coordinate with the government authorities, lenders, strata managers and utility companies, to obtain exact fees, outstanding loan amount, new loan amount, strata fees and any outstanding obligations. A "settlement statement" is then provided to each party so they would have a clear understanding of funds required to close the deal and the net proceeds that will become available to the Seller. Upon approval, the Company proceeds to register the transaction by coordinating funding of Buyer's new loan and pay the Seller's existing loan to avoid duplicate interest and protect double mortgage on the property. The new loan funding request is only made when Buyer's funds are in place and all paperwork is ready to register the transfer of property to the Buyer. Instantly upon registration, Seller's loan is paid to the lender as the new mortgage is registered on the property under the Buyer's name. Cheques are also instantly generated and issued to all parties, including Sellers and Brokers. "For proper legal transparency, the role of a neutral intermediary is crucial," said Shahram Safai, a partner at the law firm of Afridi & Angell.
The enTrust & Title Enterprise (enTTE) system automates this tedious and rigorous process and all the data is archived. The technology enables over 1 GB of data and information to be stored in about 1 square inch of plain paper. The data contains personal and property information and is sealed perpetually for privacy and security of the Buyer and the Seller. The information may be un-locked at any time with the biometrics of the individual or an authorized individual. "We welcome enTrust & Title to Dubai," said Mohammad Sultan Thani, Assistant Director-General of the Dubai Land Department, "as it brings an important service to our region."
The multi-million dollar investment in research, design and development of technology may be applied in numerous vertical applications. The management's domain expertise in providing escrow services in USA led the Company to pursue the Dubai real estate market. The Company provides its services in Software as a Service (SaaS) model. This model makes it completely transparent, simple and expeditious so that the registered Sellers or Buyers may be able to conduct their transactions from anywhere in the world through its network of enTrusted Witnesses. enTrusted Witnesses are members of the community in good standing with pristine reputation, and trained to perform their duties by the Company.
Posted by Siba Sami Ammari
