A property sold today by agent Owen Reilly in Cabinteely, Dublin, by online real time auction was significant for two reasons. It was the first property sold in Ireland by an online real time auction, one conducted by a live auctioneer, interacting with the live bidders, using the unique clicktopurchase® platform. Secondly, it was the first property auction sale where the audit trail was recorded in a Blockchain ledger. The property in question was Unit 1, The Watermint, Cabinteely, Dublin 18, forming a retail investment let to Pizza Republic for 15 years let at €25,000 and guided at €250,000. Following competitive bidding, the property was sold in excess of the guide price, circa €300,000. The clicktopurchase® platform uniquely enables property to be transacted by private treaty or real time auction, as a result of technologically advanced, legally-binding, digital signatures being generated in either sale process. Owen Reilly selected to close the sale in question by an online auction. In a world of increasing regulation, transparency and accountability, the importance to be able to record all actions in a tamper-proof audit trail is highly significant. With the clicktopurchase® Blockchain ledger recording the data in an immutable fashion, all bidders, whether the successful purchaser or under-bidders, can be assured a total transparent process. The auction sale was concluded at 12:33:08; sale was recorded in the Blockchain ledger 12:33:17. Blockchain technology is considered by many commentators as being more significant than the rise of the internet. The sale in Cabinteely is another example of the advances being made in Proptech. “clicktopurchase® is designed to bring speed, certainty, accountability and transparency to property sale process. With a track record approaching £200m, we are delighted that Owen Reilly have concluded their first auction sale.” Neil Singer, CEO, clicktopurchase “My client and I are delighted we achieved a strong selling price in such an efficient manner. The real attraction for us is the legally binding exchanged contract. Bidders have since advised us they were impressed with the transparency of the bidding process.” Owen Reilly I welcome your views on how the market will continue to embrace online execution and Blockchain Neil Singer 27th October 2017 #auction #auctions #online auctions #irish property #blockchain #realestate #proptech #cretech #property #commercialproperty #investmentproperty #clicktopurchase #sales #technology
London -based company Clicktopurchase has scored two firsts in Ireland by enabling the sale of a property via live online auction on its platform and recording the sale on its blockchain ledger. Estate agent Owen Reilly chose the online auction to sell The Watermint in Dublin , Dublin today , and achieved a higher-than-guide price of € 348,507 ($ 300,000 ).