BuyerDocs is a service for title companies to use to securely share wire transfer information with their customers (residential or commercial buyers). According to the FBI, real estate wire fraud attempts increased by 480% in 2016. BuyerDocs is here to combat wire transfer fraud.
BuyerDocs is for title companies and property buyers. Title companies simply select the wire transfer information they are trying to share with their customers (buyers). The buyers simply log into BuyerDocs using their email address and select their title company in order to retrieve the wire transfer information. Everyone (including real estate agents) can rest assured knowing buyers are receiving authentic wire transfer information from their title company.
We provide a web-based service for securely communicating wire transfer information (and other documents) to buyers. Most title companies rely on emails or phone calls to communicate wire transfer information and any other documents. Unfortunately, emails and phone calls are easily hacked and spoofed. While those options are great for communicating insecure information, sensitive information such as wire transfer instructions should be transmitted securely using our website. Using BuyerDocs helps eliminate the threat of phishing attacks on unsuspecting buyers.
Encrypting email is almost as old as email itself and there are many protocols and implementations. While it is difficult for a hacker to modify an encrypted email, this does not solve the major issue of spoofing emails. An encrypted email that is spoofed looks the same as a legitimate encrypted email. Therefore, nothing has been accomplished in trying to prevent fraudulent wire transfer emails. Furthermore, encrypting emails adds overhead to both title companies and buyers by requiring passwords and encryption keys.
You can try. Unforunately, many title companies think phone calls prevent wire transfer fraud. Just like emails, phone calls are spoofed and faked. Hackers are actively sending buyers incorrect phone numbers via email or text to call to 'verify' the wire transfer instructions. When the buyer calls, the hacker provides the hacked account information. Meanwhile, the hacker also contacts the title company pretending to be the buyer. Hackers do this so the title company does not realize the buyer has not received the information. Unforunately, the addition of phone calls has done little to protect the buyer.
That's a great step in trying to protect the buyer. However, most buyers either forget to independently verify the number or are too lazy. If the buyer is already expecting a phone number to call for the wire transfer information, then they are unsuspecting when a fraudulent phone number arrives via text or email. Title companies and buyers can avoid all of this complexity and overhead by simply using BuyerDocs.
Sure, and most title companies try to make their customers aware of the dangers of wire fraud via multiple outlets such as warnings, waivers, and email signatures. Unfortunately, the buying experience is overwhelming for many people and they become victims of wire fraud even though they were warned ahead of time. Over 50% of recent buyers are still unaware of wire fraud in real estate. Regardless of fault, nobody in the process wants to see a buyer lose their payment. BuyerDocs prevents the need to extensively educate every buyer on the risk of wire fraud.
Why reinvent the wheel? Title companies are experts at closing real estate transactions, but we are experts at providing secure wire transfer information. Let us handle the worry and hassle of server maintenance, hosting, administration, privacy, and security.
We're glad you asked! There is no direct cost for title companies to use BuyerDocs. To cover the costs of this service, a one-time secure wire transfer information fee of $25 is added to the closing costs of buyers. We invoice the title company each month with the number of transactions processed and the title company cross-references that with the number of actual closings to remit payment.
We respect the brand of each title company that uses our service. Because of this, we will never feature ads on our site.
Perfect! BuyerDocs is built to scale for any size client. We offer two options for title companies with multiple branches/regions:
Surprisingly, no. In order to protect the integrity of our site, we must verify each title company that wants to use our serivce. This typically involves a 5 minute phone call or email verification. We do this to prevent hackers from signing up for our service pretending to be a title company to defraud buyers.
First, a title company provides us their wire transfer information which we securely store in the system. From then on, a title company admin needs only two things: buyer's email address and closing cost. Once the admin types in the email address and closing cost, and selects the appropriate wire instructions (and uploads any other documents), our service emails the buyer to let them know their wire transfer information is available. As mentioned, email is great for communicating insecure data (i.e. notice of information being available); our secure service is great for communicating sensitive data (i.e. wire transfer information). In addition, we CC the title company admin on every notification we send to the buyer to increase transparency and simplify recordkeeping for the title company.
No account or registration is necessary for a buyer! Once the title company admin adds a buyer to the system (outlined above), the buyer simply logs in by entering their email address and choosing their title company from a dropdown menu. Title company admins can view if/when a buyer has logged in to view their information. This allows title companies to monitor for any potential delays in closing.
Our site works great on mobile, too, so buyers can access their wire transfer information directly from their phone at the bank!
Both master and regular admins can add new buyers to the system, as well as remove and notify buyers already entered. When either type of admin adds a buyer, they select the appropriate wire information from a drop down menu. No type of admin or user can add, remove, or modify wire transfer information.
Master admins can also add or remove regular admins. The number and type of admins is determined by the title company's master admin(s). When a title company account is created, a single master admin is created for that title company. Note: we recommend providing master admin access to as few people as necessary.
Simply sign up to begin a risk-free 30 day trial. Use our service for as many or as few transactions as you'd like. If for any reason you are not completely satisfied, cancel anytime.
We would love to answer them! Please email us at [email protected]