Batu Permata: SMART REALTY

WE’RE REVOLUTIONING REAL ESTATE

None of us want to admit it, but it’s a true and simple fact that ‘smart contract’ and ‘blockchain’ technology have a long ways to go before they disrupt most normal everyday transactions the way all of us crypto enthusiasts want them to. Imagining and conceptualizing the future is a lot easier than coming up with innovative ways to apply current technology to existing real world uses and the needs of everyday people outside of the cryptosphere.

With that in mind, SMARTRealty is developing a platform focused on the practical application of smart contracts and blockchain technology in real estate transactions in a way that is possible with current technology. Our goal is to make real estate transactions more transparent, efficient, secure, and understandable.

THE PROBLEM

Contracts made between individuals with little to no legal counsel, as most rental and lease agreements are, are often the subject of dispute, debatable obligations and meanings, and countless misunderstandings. Every jurisdiction in every civilized country in the world is full of landlord-tenant disputes and courts are over-burdened by these disputes every day.

Even real estate purchase and sales agreements 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.

Whether it’s a landlord failing to return a security deposit to a tenant, a tenant disputing the deductions the landlord made to the security deposit, a landlord attempting to terminate the tenancy of a non-paying tenant, or a seller who owner-financed the sale of his home and now needs to foreclose due to non-payment, this is a market that could seriously benefit from the rigid terms and conditions and automated and autonomous processes that smart contract technology can provide.

THE SOLUTION

SMARTRealty believes that while we may never be able to eliminate contract disputes completely, we can significantly reduce them, as well as the time and effort spent settling them, by applying smart contract technology to certain types of agreements.

SMARTRealty’s goal is to initially apply smart contract technology to residential leases, and provide a platform for landlords to advertise their rental units and homes to potential tenants, with SMARTRealty smart contracts governing the transactions.

Over time, as laid out in our roadmap, we plan to branch this platform out to include residential and commercial real estate transactions, including rentals, sales, and even nontraditional transactions such as owner-financing and lease-option agreements.

HOW SMARTREALTY WORKS?

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.

WHY USE SMARTREALTY FOR REAL ESTATE TRANSACTIONS?

Blockchain technology streamlines the real estate ecosystem by enabling people to securely and efficiently share data and money. It makes information more accessible, cuts out middlemen and reduces the risk of fraud and theft. A more secure, speedier, trusted process for buying and selling property is good for everyone involved.“ – Matthew Murphy, Global Vice President at Renren, investing and building companies in the Real Estate and Fintech sectors.

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