I am a real estate investor.
I am always trying to speed up the process and make it more secure. I am one of those
sell my house fast companies.
With the security that this tech allows when will deeds be recorded with blockchain? Also more specifically to bitcoin when will real estate be bought and sold with bitcoin.
I guess it could be already if the 2 parties agreed on a price, right?
Hi Watson, welcome to the forum. I went down this same rabbit hole and created crypto cribs 3 years ago. A few questions for you to ponder...
Not your keys, not your crib. So what happens if you lose your private keys to your deed? Will you be unable to ever transfer your property again? This will never happen so... What if a new deed can be minted and the old one burned in that situation?...sounds like that may work, but then again, who is minting the replacement (and original) deeds to begin with? And just because a deed is on the blockchain that does not mean it is error proof. The blockchain is not a source of fact, but rather truth that something happened or didnt happen, at a specific time.
The easiest transaction would be if someone wanted to pay for the property outright with bitcoin. They would still need to prove where this bitcoin came from and also pay taxes on any gains. They would also need a seller willing to accept payment in bitcoin, but most likely they also have a mortgage to pay off. Not too big a deal. The necessary bitcoin is liquidated to pay off the mortgage and you receive the remainder.
I hope this helps.
- SatsLife
