Applying smart contract technology to everyday real estate rental, purchase, and sale transactions of all kinds.
One simple example of how SMARTRealty smart contracts can be utilized.
Two Parties Agree to Transact Using SMARTRealty
This could be for the purchase and sale of a piece of property, or a simple one year rental agreement. The parties use the SMARTRealty platform to solidify the terms of their agreement in a SMARTRealty smart contract, which includes whatever terms and conditions the parties agreed to, including dates of payments due, amounts due, length of the agreement, penalties for non-compliance, etc.
The SMARTRealty Contract Manages The Relationship Between The Parties
The paying party can make payments using ETH, BTC, LTC, USD, EUR, or many other currencies, which 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).
SMARTRealty Contract Executes and Deal Closes
Upon final payment(s) or whatever variable the parties agree to, the contract executes and, upon expiration, the transaction is completed. Upon expiration, any necessary filings can be made or, if rental agreement, tenancy can be terminated and any security deposit refunded according to the terms of the agreement. Contracts can even be set to auto-renew, if required, or new terms can be negotiated and a new contract executed, if the parties agree.