A revolutionary way to sell homes through an NFT or to purchase a home via Cryptocurrency
.png/:/rs=h:139,cg:true,m/qt=q:95)
How does a Real Estate Blockchain Transaction Work?
The home is placed in an NFT and 'Minted' onto the Blockchain
Buyer will place an Offer for NFT and prepare to pay for the NFT through either Crypto ₿ or Fiat $
The home is placed in an NFT and 'Minted' onto the Blockchain
NFT home sales are structured by transferring ownership to a limited liability company (LLC). The legal documents are then minted into a NFT (Non Fungible Token) and placed on the blockchain.
The home will be marketed and any Buyers interested could purchase through Crypto or Fiat Currency (Normal Currency)
NOTE:
Artwork could be attached to the NFT contributing to a Pop Culture Trend
Before Transaction can take place: KYC & AML Screening
Buyer will place an Offer for NFT and prepare to pay for the NFT through either Crypto ₿ or Fiat $
The home is placed in an NFT and 'Minted' onto the Blockchain
Before a purchase can take place the normal KYC & AML Screening must be done. Buyers and Sellers will be checked for known involvement in illicit financial activity to prevent money laundering, and all business associated will be assessed to see that its registered principals and Ultimate Beneficial Owners (UBOs) aren't involved in any global sanctions or watchlists, including global lists of Politically Exposed Persons (PEPs) and adverse media.
Buyer will place an Offer for NFT and prepare to pay for the NFT through either Crypto ₿ or Fiat $
Buyer will place an Offer for NFT and prepare to pay for the NFT through either Crypto ₿ or Fiat $
Buyer will place an Offer for NFT and prepare to pay for the NFT through either Crypto ₿ or Fiat $
Once an Offer's been accepted the Buyer will prepare for a Cryptocurrency Wallet to Wallet transaction. After placing the money into the Crypto Wallet, ie. Coinbase, Zengo, MetaMask, etc... the paperwork will then need to be completed before the transfer of funds can take place.
All Paperwork must be completed
The Blockchain Address will be recorded within your County
Buyer will place an Offer for NFT and prepare to pay for the NFT through either Crypto ₿ or Fiat $
Just like with any other deal.. the paperwork for the transaction must be completed and uploaded onto the Smart Contracts.
All Seller Disclosures, Brokerage Disclosures, and documents must be completed and uploaded. If there's an HOA or Tax Authentication forms, at this time those CIC documents must be uploaded as well... Neither Buyer nor Seller would skip any steps. Paperwork, disclosures and title insurance will be linked to the NFT.
Then a Wallet to Wallet Transfer
The Blockchain Address will be recorded within your County
The Blockchain Address will be recorded within your County
Since Bitcoin, Ether, and several other cryptocurrencies can be used to pay for the transaction, a cryptocurrency Exchange tool will need to be u used. Federal / State Taxes will be withheld in the due amount and paid in Fiat Currency but a Utility token will be utilized to pay for the platform fees such as modifying and creating title and deed contracts. The wallet to wallet transaction will take a much shorter time than a bank wire and will increase transaction speed. A crypto-friendly escrow and title company will assist through this transaction and when completed; the buyer of the NFT will become the owner of an LLC whose only asset is the Real Estate attached.
The Blockchain Address will be recorded within your County
The Blockchain Address will be recorded within your County
The Blockchain Address will be recorded within your County
Since Metadata such as Serial numbers, Title numbers, make, year, model, etc.. can all be added to the NFT on the blockchain, as can the elements of a deed such as legal description, pin number/tax id, CIC docs, etc... Once completed, the BlockChain address will serve a purpose as Digitally Imprinted Proof of the transaction and be recorded with the local county Assessor, Clerk and Recorder, and Treasury. Since the blockchain is a secure, and immutable way to store a transactions by hashing the data and storing on several nodes; fraudulent transactions will be impossible, and because the majority of the time homes can't be moved.. the home deed will be transferred through NFT on the decentralized marketplace securely.