How a Ukrainian made a revolution in the New York real estate market

InstaClosing is the first of its kind online platform to offer a digitized process for closing a property sale and purchase transaction. Its creator is an immigrant with Ukrainian roots living in New York. The benefits of the application told the publication TRD New York.

Real estate lawyer Peter Zinkovetsky has conducted thousands of sales and purchases over the past decade. He was always convinced that there was a way to simplify the paperwork, and so he launched a startup that makes this process virtual.

Now everyone who wants to buy or sell real estate in New York can do it “easier, faster, cheaper and safer,” according to the developers. application InstaClosing takes over all the bureaucratic processes, including invoicing, it relieves the client from the need to engage in such painstaking work, especially during a pandemic.

“The client only has to pay a flat fee of $ 350. As a rule, buyers and sellers pay several thousand dollars to close the deal, ”the portal says.

“You go for something as simple as transferring ownership of real estate, and suddenly you're back in the 1970s,” says Zinkovetsky, head of a private law firm. "The only technology currently being used to close a real estate deal is a photocopier."

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Zinkovetskiy acknowledged that InstaClosing is hardly suitable for complex transactions, including the full process of selling real estate, litigation or foreclosure.

“InstaClosing is not a law firm - it is not entitled to provide legal advice,” he said. "But we can work with lawyers, and the application will serve as an additional service."

Zinkovetskiy started working on the InstaClosing concept three years ago. InstaClosing is now the first online platform of its kind to offer a digitized closing process. Moreover, such a platform is the only one designed simultaneously for buyers, sellers, real estate agents, lawyers, lenders and sellers.

“The process of concluding real estate transactions in New York stopped at the level of the 10th century. It is required that all parties be present at the official closing of the transaction, as a result of which sometimes more than XNUMX people are in the same conference room for several hours, explains Zinkovetsky. - The way in which real estate deals are closed in New York did not make sense even before the pandemic, and now, during the pandemic, it is a threat to health. Although the idea was born three years ago, the pandemic has really shown why it is so necessary. "

McKenzie Ryan, a licensed real estate broker at Compass Real Estate, commented on the new startup: “What StreetEasy did with New York real estate listings, InstaClosing will do with the closing of real estate deals. This is the easiest and cheapest way to buy and sell property in New York. "

InstaClosing has already been named product of the month by several publications.

“Achieving efficiency in the process of closing real estate transactions has been the goal of several technology companies in the real estate industry. However, most of them focused on providing solutions for lenders or title companies. InstaClosing is the first platform to meet the needs of consumers who buy and sell real estate. We took a close look at the platform and had the opportunity to chat with Petr Zinkovetsky, the founder of InstaClosing and one of the leading real estate lawyers in the states. Based on our experience, we have chosen InstaClosing as the product of the month, ”the newspaper writes. NYREJ.

“While our primary focus is on helping consumers, our platform is built to be used by lawyers, lenders, companies and real estate agents. InstaClosing's goal is not to exclude anyone, but to be the central platform that unites and connects all parties to a real estate transaction, ”explained the creator of the application.

About Petr Zinkovetsky

Piotr Zinkovetsky is the founder of the Zinkovetsky Law Firm and an experienced and highly regarded attorney in New York City. According to Super Lawyers Magazine, Zinkovetsky has been named a Rising Star for six years in a row. Less than 2,5% of lawyers received this award and recognition in New York State.

Among other things, he teaches professional development courses for lawyers, maintains a legal blog, and regularly participates in conferences both in the United States and abroad.

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The New York Real Estate Journal included Zinkovetsky in its Ones To Watch List 2018, and Avvo awarded him the highest rating of 10/10.

More information about the startup creator you will find on this site.