The experience of buying or selling a house with a real-estate agent and a mortgage provider is an incredibly poor experience. The use of technologies like DocuSign has helped some but it is still something to be dreaded.
This is a great report on How blockchain will revolutionise real estate.
“… blockchain has multiple potential use cases for real estate, ranging from the tokenisation of property assets to the swift execution of legal contracts, faster finance for people transacting property, the ability to transact virtual property in the metaverse, and a more accurate, centralised way to register the ownership and transfer of property assets.”
The swift execution of legal contracts is a very clear advantage. When I purchased my home, there was no way for me to independently verify there was not anything hidden in one of the contracts. If sections of the contract were on the blockchain, it would be possible to verify that those sections are approved by the real-estate community. I imagine a tool where I can verify each section as an accepted standard. For the sections that have changed, I imagine something similar to a git diff tool drawing my attention to what exactly has changed when compared to the standard for that section. All parties agree, sign a multisig transaction, and I receive the keys to the house.
The other use case that I will be happy to participate in is better timeshares. Timeshares have a bad rep because of how the fees tend to increase over time and there is little incentive for the operators to improve the value of the timeshare. Allowing a community to openly trade their ownership will create a more competitive market. It will be riskier for the builders and timeshare operators, but there are creative solutions to be found here and coded into the smart contract. The payouts for the fees can also be coded into the smart contract, improving transparency.
This is just one of the use cases my team and I are exploring at coinoniaLabs.com. If you are interested in being part of the revolution, please message me.
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