Mutualista Pichincha has just telematically finalized the first public sale and mortgage procedure for a house in the country. The process was carried out from the first days of April and lasted 17 days.
It is a procedure that seeks to save time and costs for all actors participating in this transfer of ownership from the seller to the buyer, as well as improving the mortgage that is the guarantee of the loan that is issued. An important group to target This facility is for migrants.
The procedure is similar to face-to-face, but is carried out using technological tools. Therefore, the buyer, seller, notary and representative of the counterparty enter the digital platform, a certified electronic signature is used, it is sent to the real estate registry, then it is entered and the registry sends a confirmation.
“With this, Mutualista Pichincha is breaking a decades-long paradigm, because until now it was considered that this type of procedure had to be done personally,” says Carlos Soria, Legal Manager of Mutualista Pichincha. Usually, this process involved going to a notary public, going to the Municipality and the Real Estate Registry. But thanks to the coordination between qualified legal studies, the Ministry of Housing, the Ministry of Telecommunications, the process can now be carried out digitally, he explains.
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Among the advantages of this type of process, Soria points out, is significant reduction in processing time, up to 50% or even more; Cost reduction is also generated, less paper, logistics and operational costs are not paid. Soria points out that this digital process makes it easier to connect people, without the need to go to a notary’s office. It is only necessary that one of the persons resides in the canton of Quito in order to be able to carry out the procedure. Loan placement is, therefore, much faster. “This is boosting the mortgage and housing sectors,” he says.
Soria ensures that security risks are minimized and that part of the digital process is the verification of the identity of the participants and the validation of documentation.
According to the calculations of Mutualista Pichincha, what will happen in the coming years is that there will be a duality of processes, depending on the taste of customers. With this in mind, it is expected that in the initial phase there will be 30% to 40% of procedures that are digital; but in a few years 100% of the process will be completed. Migrants are a special segment that will be tried to be reached, says Soria. The relief is that Ecuadorians abroad do not even have to go to the consulate, nor do they have to obtain a work permit.
How is the procedure?
According to Mutualista Pichincha, the service complies with the highest security standards: availability, confidentiality and integrity, which guarantees that customer data is protected at all times, thanks to current legal regulations, in particular the Law on Electronic Commerce, Electronic Signatures and Data Messages (Law no. 2002-67).
Source: Eluniverso
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