Legal Regulation of PropTech in the USA

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Abstract

The purpose of the research. This article summarizes and explores the main provisions of US law related to PropTech. Taking into account the opportunities for further development of PropTech in the context of digitalization, it is important to study the issues of its legal regulation in the United States, a country recognized as a world leader in this field. PropTech is a cluster of innovative technologies designed for the real estate market, which includes many segments, requires proper legislative regulation and institutionalization. Results. Despite all the difficulties of formation, development and regulation, it is predicted that the PropTech market in the USA will have great prospects. It is of interest to predict that the entire US real estate market may eventually switch to a remote method of searching and renting/purchasing real estate, effectively displacing real estate agencies: they will be completely replaced by innovative technologies and online services that simplify the process of real estate transactions at all stages. If earlier the buyer, together with the agent, went to the site, and then had long negotiations with the seller, now the entire purchase process often takes place remotely. At the same time, the potential problem of fixing the expression of will by electronic or other similar technical means should be mentioned. In the very near future, at a breakthrough technological stage, mass adoption in the field of PropTech, including ConTech (design and construction of real estate) of the above-mentioned key elements of Industry 4.0, such as: AI and machine learning, augmented and virtual reality, drones and lidars, is clearly to be expected, 3D printing and robotization, etc.

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About the authors

Aleksandra A. Sekacheva

RUDN University

Author for correspondence.
Email: aleksandrase97@gmail.com

PhD student of the Department of Civil Law and Procedure and International Private Law of the Law Institute

Russian Federation, Moscow

Stanislav V. Odintsov

RUDN University

Email: odintsov_sv@pfur.ru

Cand. Sci. (Law), Associate Professor, Associate Professor of the Department of Civil Law and Procedure and International Private Law of the Law Institute

Russian Federation, Moscow

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