Real estate transactions can be some of the most complicated and burdensome undertakings many people ever participate in. Even the simplest lease agreement is rarely fully understood by the parties signing it. Additionally, enforcing the terms of these contracts can take significant time and effort on both sides, landlord and tenant. Many landlords waste countless hours in their attempts to collect rent payments from their tenants and terminating the tenancies of those who are unable to pay, and many tenants have trouble recovering security deposits or compelling landlords to do repairs in a reasonable timeframe or otherwise abide by their various obligations under the law and the terms of their leases.
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.
SMARTRealty believes many of these problems can be solved, or at least significantly reduced, by applying smart contract technology to the real estate sales and rental market.
No one can deny that a digital revolution of some form is currently taking place. This is creating a huge opportunity to change the way we transact, especially on a person-to-person basis. Cryptocurrencies like Bitcoin, Ethereum, and SMARTRealty tokens are in a prime position to transform the way we transact with one another, and smart contract technology can transform the way we record and enforce contracts and agreements, reducing the need for long drawn out court battles and dispute resolution processes.
The purpose of SMARTRealty is to allow users to execute, record, and enforce real estate transactions using a system of smart contracts known as SMARTRealty Contracts. The smart contracts can replace traditional contracts such as leases/tenancy agreements, ownerfinancing agreements, contracts for sale, and even mortgage agreements.
What makes SMARTRealty contracts preferable over traditional contracts is that they can eliminate various human elements outdated technology resulting in a reduction in legal, accounting and transaction costs, and a significant reduction in fraud, corruption and legal disputes and their associated costs.
● 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.
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.
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.
THE SMARTREALTY PROCESS
When completed, the SMARTRealty solution will consist of a network of websites where landlords, tenants, real estate buyers, and real estate sellers all connect with one another, not unlike many real estate portals already in existence.
Where SMARTRealty differs is our websites will facilitate the SMARTRealty contract process as well, walking the users through every aspect of the transaction from negotiation to agreement, execution, and payment.
For example, a landlord will be able to list his rental property on a SMARTRealty website. From there, it will be visible to thousands of potential tenants looking for housing in that general area. Not only will the property be advertised on our sites, but via partnerships with other real estate networks, it will also show up on other various listing services as well.
Once the landlord and tenant reach an agreement on lease terms, price, etc., the details of the agreement are solidified in a SMARTRealty contract that is recorded on the blockchain and “set in stone” from that point on through the predetermined end of the tenancy. The parties can use the SMARTRealty system to create their contract, but SMARTRealty does not provide the contract itself. Rather, SMARTRealty provides a template system that allows the parties to create their own contract, based upon the legal requirements and options allowed in their respective jurisdictions.
The tenant will make payments to the smart contract itself. Payments will be able to be made with just about any commonly used cryptocurrency or fiat currency. The SMARTRealty platform will process the payment, converting the currency used into RLTY tokens, recording the payment(s) on the blockchain, and delivering currency to the landlord according to the terms set out in the initial contract. Some payments (such as security deposits) may be held in escrow, others (such as rent) may be released to the landlord as needed – so long as such terms are agreed upon in the initial agreement.
In the event of a breach of the agreement terms, such as non payment, or upon the expiration of the lease term, the SMARTRealty contract can be pre-programmed to issue notices, such as a 'pay or quit' notice, a notice to terminate tenancy, or a notice of expiration – whatever is predetermined by the contracting parties. The possibilities are really endless.
This is just one example of how SMARTRealty contracts can be used, but hopefully it allows you to envision the multiple ways SMARTRealty contracts can be utilized in all different types of real estate transactions.
Token info
Token | RLTY
Platform | Ethereum
Type | ERC20
Price in ICO | 1 RLTY = 0.0008 ETH
BONUS
Bonus 50% if purchased between Jan 15th and Feb 14th
Bonus 40% if purchased between Feb 15 - Feb 28
Bonus 30% if purchased between March 1 - March 15
Bonus 20% if purchased between March 16 - March 31
Bonus 10% if purchased between April 1 - April 30
Bonus 5% if purchased between May 1 - May 15
Tokens for sale | 200,000,000
Investment info
Accepting | ETH, BTC, LTC, ADA, ETC, BCH, ZEC
Distributed in ICO | 40%
Hard cap | 160 000 ETH
Roadmap
1
2017
Concept Development, Research and Planing
2
January 2018
Pre-Sale Begins
3
February 2018
ICO Launch
4
May 2018
ICO Period Ends
5
May - June 2018
Exchange Listings
6
June 2018
SMARTRealty Contract Testing & Deployment
7
August 2018
Rental Platform Beta Testing
8
September 2018
Partnerships with other Rental Networks & Sites
9
December 2018
Owned-Financed Sales Platform Beta Testing
10
March 2019
Partnerships with other Sales Networks & Sites MLS Integration
11
April 2019
Mainstream Marketing Campaign Launch
12
June 2019
Full Sales & Rental Platform Official Launch
Visit SMARTRealty on
Website : http://www.smartrealty.io/
WHITEPAPER : http://smartrealty.io/whitepaper/
Telegram : https://t.me/joinchat/BaF91g_sD4e0Jrmv5Idisg
Facebook: https://www.facebook.com/SMARTRealty-1877878195858356/
Twitter: https://twitter.com/rltytoken
Author
Bitcointalk Username: Kingsraid
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1936096
ETH Address: 0x2611c981AdAb7109E26D0C1798e7B7F20764d5A3
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