A Real Estate Token on the blockchain
So you want to sell your property. We will put its provenance on to the blockchain after doing a title search.
But, why would you go this route?
#1. It’s easier to find a buyer . Why?
#2. You get your asking price. How?
#3. The transaction is transparent and bullet-proof secure. Why?
#4. It’s cheaper; much cheaper. How much?
Here’s how it works. As an example, if you are asking 1 million dollars for the sale of your property,
- you are required to put 2 million dollars into an escrow account in good faith. It is 100% refundable upon performance.
- We advertise your property.
- A buyer sees our advertisement.
- The buyer signals an interest.
- Buyer puts $2 million dollars in escrow (just as you did) as good faith; 50% refundable to the buyer upon performance. The other 50% will be in the form of the property.
- Buyer confirms and takes delivery ( in other words performs ).
- Your escrow is 100% released back to you.
- Buyer takes delivery of escrow + purchased property
- Buyer now has $2 million value ( $1 million in property + $1 million in escrow )
- You have an equal value : $2 million ($1million in released escrow + $1million revenue).
- Everybody has now been made whole in good faith. There was no need for a referee.
- We provide a real estate transaction Exchange called Real-T. Just as a dollar bill symbolizes an underlying “thing of value” so does the Real-T token. We convert the value of your listing into a token of equal value.
- The Buyer requires title to your property in exchange for equivalent Reat-T. Seller (which is you) acquires the buyer’s token amount. You, the seller, can then convert if you want into Cash. Why would you convert? In its token form, property has an advantage over any other format. Firstly, because one or many buyers can acquire your tokens piecemeal. Secondly, it is in a format that is secure and private and incorruptible.
- In conclusion, this has been a different way to buy and sell real estate as made possible by a peer-to-peer computer network that runs online. Xdale Properties writes smart contracts in a language called Solidity on the Remix I.D.E and we test this contract on the Robstein Exchange. We then deploy it for real on to the ethereum blockchain in the form of an Erc20 token, which is a smart contract.