SMARTRealty will revolutionize the Real Estate Market
It’s been a long time since our ancestors stopped living in caves and started building their own houses. Unless you are able to construct accommodation by yourself you’ve definitely encountered restrictions and difficulties connected with purchasing and renting realty: unpredictable price changes, high fees for middlemen, money transfer delays, even fraud and theft.
Contracts, rental and lease agreements made between individuals with little to no legal counsel are often subject to dispute, debatable obligations and meanings, and numerous misunderstandings. The courts all over the world are full of lawsuits connected with lease, mortgage, possession and purchase. Even real estate cases handled with the help of lawyers, real estate agents, mortgage brokers and lenders, escrow companies, title companies, and other third parties are the source of many legal disputes.
Real estate market will seriously benefit from the rigid terms and conditions and automated and autonomous processes that smart contract technology can provide.
SMARTRealty proclaims its mission to create a platform devoid of all caveats which plague the modern world of real estate.
The blockchain will guarantee impeccable record unyielding to malicious change. The functionality of smart contracts will procure safety and protection against fraud. While RLTY tokens will become a comfortable means for deals creation solving the problem of currency conversion between citizens of different countries.
The SMARTRealty platform seeks to solve the main problems of real estate market:
The contract platform will provide various templates allowing its users to create smart contracts that meet their specific transaction requirements and adapt to local laws for their jurisdiction.
SMARTRealty’s listing platform after its completion will consist of a network of websites where landlords, tenants, real estate buyers, and real estate sellers all connect with one another. Property owners will be able to list their properties for rent or sale, and will distribute this list to many other real estate and rental sales sites across the web.
RLTY token is an official token for use with SMARTRealty smart contracts. It will be used as means of converting fiat and cryptocurrencies within SMARTRealty ecosystem and will procure accurate record and tracking of transactions.
Buyers and tenants will find and negotiate with sellers and landlords/owners through the listing platform. Once the negotiation is over and the agreement for a specific property is reached they agree to transact via SMARTRealty. The contract platform will provide a smart contract template for the parties to alter to their liking. The contract will contain all necessary details pertaining to local laws and regulation already filled out by the platform.
Other clauses can also be added to a SMARTRealty contract, including dates of payments due, amounts due, length of the agreement, penalties for non-compliance, etc. So as long as all the prescribed conditions are agreed upon and confirmed by both parties, the contract can realistically contain any necessary detail.
The SMARTRealty contract manages the relationship between the parties.
Whatever currency the paying party decides to use (ETH, BTC, LTC, USD, EUR, or any other currency) would automatically be converted to RLTY tokens and applied to the SMARTRealty contract. Payment can also be made directly with RLTY tokens, if preferred. The contract can even be ‘pre-programmed’ to automatically serve notices in the event of breach, or to terminate upon expiration, or whatever protocols the parties agree to upon contract creation and/or are required by local statute(s).
The SMARTRealty contract executes and deal closes.
After the final payment or any other variable the parties agree to, the contract executes and, upon expiration, the transaction is completed. This can lead to a deal closing or, if rental agreement, tenancy can be terminated or even be set to auto-renew, if required, or new terms can be negotiated and a new contract executed, if the parties agree.
The platform will use its own SMARTRealty (RLTY) tokens to facilitate payments and records on the blockchain. According to the company’s white paper, using a native token will allow the parties to transact in any currency of their choosing, including fiat or cryptocurrencies, as they will all be directly converted into RLTY tokens at the time of contract closure.
The RLTY tokens comply with the ERC20 token standard, which essentially allows it to use the Ethereum blockchain as its backbone. This also means that SMARTRealty tokens users will be able to utilize their existing Ethereum wallets, provided the wallet is compatible with the ERC20 standard.
There are 500,000,000 RLTY tokens. 20% of those tokens are allocated for the pre-sale, and 20% are allocated for the actual ICO period.
1 RLTY = 0.0008 ETH
SMARTRealty public token sale is live now, aimed at investors and future users of the platform. The ICO is scheduled to run for another month and last until the middle of May 2018. There is an incentive, wherein buyers of the token are currently awarded a10 percent bonus on top of their purchase.
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