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Author Topic: How would buying property play out with crypto?  (Read 3510 times)
GreenBits
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May 10, 2017, 04:48:07 AM
 #21


How would buying property play out with crypto? as in would you need a specialist crypto lawyer to complete the transaction? what if the person you buy property from is terrible on secuirty and 1 day later they get hacked can they come after you saying you sent them fake payment or some BS..

With a normal financial attorney, shouldn't be that complicated. The firm would receive and convert the bitcoin, and make the purchase on your behalf with fiat. Once the btc becomes fiat, this would look like any other home purchase on paper. Bitcoin is money; all the lawyer is doing is functioning as an exchange. And you will pay dearly for this service Wink

Be your own bank! Unless these funds are illegally gained, it would be much cheaper to just sell bitcoin and buy the house with cash.

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May 10, 2017, 06:14:35 PM
 #22

I think it would be best if you would convert your crypto into cash first before buying some property,
At least in that way you could just easily pay them without hassle and get it done much more faster rather than having a debate.

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May 10, 2017, 06:18:03 PM
 #23


How would buying property play out with crypto? as in would you need a specialist crypto lawyer to complete the transaction? what if the person you buy property from is terrible on secuirty and 1 day later they get hacked can they come after you saying you sent them fake payment or some BS..

With a normal financial attorney, shouldn't be that complicated. The firm would receive and convert the bitcoin, and make the purchase on your behalf with fiat. Once the btc becomes fiat, this would look like any other home purchase on paper. Bitcoin is money; all the lawyer is doing is functioning as an exchange. And you will pay dearly for this service Wink

Be your own bank! Unless these funds are illegally gained, it would be much cheaper to just sell bitcoin and buy the house with cash.

At the end of the day we still depend on the governments approving about our real state investments. This is why I think those that think bitcoin can end governments are delusional. I don't see how. If you want to buy property, there's no way around the government radar, they will always find out, so don't over complicate and just pay the taxes. You must go with fiat because theres no regulated way to accept crypto in exchange of real state.


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Blackwhite69
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June 11, 2017, 04:01:39 AM
 #24

My opinion Its too much hassle if you hire lawyer and bitcoin expert for consultations. That will cost you huge. You can do everything with cash. Wink

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June 13, 2017, 02:48:33 AM
 #25

This is an American point of view based on American practices.

Under the right circumstances it is more than possible to buy real estate with cryptocurrency only, without the need to convert it to cash.

For Sale By Owner. No real estate agent or bank is involved.

Unimproved land that is owned outright.

A deed exchange between buyer and seller.

Both buyer and seller having a wallet.

The only legal authorities involved are a notary public and the lady behind the counter at the county recorder's office where the deed has to be submitted for public record.

"John" has an acre of unimproved land he wants to sell for $10,000 USD. "Unimproved" meaning that there is no septic, no well no gas or electric lines........nothing. Just a patch of dirt outside of the city limits. For all intents and purposes, the only people besides John who even know his property exists is the recorder's office in the county where the land is.

"Jane" see's the property for sale and wants that land. John and Jane get to talking, establish trust [VERY important] and make the sale go through from wallet to wallet with the deed exchange happening through a notary public for a nominal fee.

All legal, all as much under the radar as possible with the only cash exchanging hands landing in the hands of the notary for services rendered, and the people selling John the paperwork, like Legalzoom.com or Office Depot, needed to transfer the deed over to Jane.

No taxes involved because as far as the legal authorities are concerned, John simply transferred the property to Jane. Why? Because he's a nice guy. That's all people need to know.

This is all legal and was done with legal currency that both parties agreed upon before the transaction took place.

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