Buying property made seamless with NFTs.
Do you ever imagine that you could buy a home whose ownership rights are in the form of an NFT? This might seem like a far-fetched idea, but it is a reality thanks to platforms like Propys that facilitate such transactions. If you have never heard of them, the company has facilitated a total of sales, worth billions of dollars and counting.
One of the biggest advantages with Buying an NFT home is that it makes the sales process fast, smooth, and frictionless.
Propy is a property listing and transaction platform that leverages blockchain technology to automate real estate transactions. The Propy platform allows all transaction participants, including sellers, buyers, escrow/title agents, and title registries, to interact via the blockchain. The process involves different smart contracts interacting with all of the participants represented in the smart contract. The aim is to reduce the time it takes to acquire a property and complete a transfer of ownership.
Buying a home as an NFT might seem complicated, but you do not need to be familiar with crypto or with web3 because Propy has taken deliberate steps to take care of such.
Propy has a suite of certified crypto agents who have been trained and verified by the platform. They walk you through all the processes and ensure that you are carried along through each step of The steps involved in buying an NFT home
NFT homes are convenient because they are not time-consuming and fraught with intermediaries. The ownership rights exist in the form of an NFT, The home is titled in a Limited Liability Company (LLC), and it is the LLC ownership that is transformed into an NFT. The LLC is the 100% owner of the property.
therefore whoever holds the NFT (non-fungible token) representing ownership of an LLC (limited liability company) also owns the associated home.
Propy’s blockchain-powered platform, facilitates the transfer of the NFT from the seller to the buyer once they have completed all necessary verifications and met the conditions required for a home sale. This ensures that all transactions and document transfers occur securely and transparently on the Propy platform.
Another advantage of this is that it enables online processing of real estate purchases for international investors looking to invest in foreign real estate assets.
In conclusion, the idea of buying an NFT home might have seemed impossible a few years ago, but thanks to Propy and the advancements in blockchain technology, it is now a reality. The process is fast, smooth, and convenient, making it an excellent option for homeowners that want to reach a wider pool of potential buyers and home buyers who want to take advantage of the blockchain technology to cut cost and transaction time.