Where To Look When Buying House With Cryptocurrency

joetunex in #hive-167922 • 2 years ago

One of the many benefits of cryptocurrency is connecting buyers and sellers without an intermediary. It eliminates unnecessary charges leaving both sellers happy doing business directly.

I am yet to buy a house but from the experience of what my ex-boss shared with me during the sale of his house it was a series of changing agents, not only did the house take forever to sell but the charges for the agents and the bank taking their cut left him at a loss for a house which he had to sell to get out of debt, it was a nightmare, I hated it even though am not the one with the real impact. So cryptocurrency's ability to get the intermediaries out of the way is appealing to me

Cryptocurrency and Blockchain technology is disruptive isn't just a saying, it is already happening at a gradual pace as the space evolves.

Crypto Real Estate is the leading global real estate marketplace with over 1,400 properties available for sale with Bitcoin & crypto worldwide.
Source

Crypto Real Estate is a real estate platform for buying and selling houses in Bitcoin and other cryptocurrencies.

Houses are listed for sale in almost all continents, from the States to Europe, and surprisingly a house in Morningside Sandton, South Africa which is 31 kilometers from my place of residence, goes to tell transformation is happening right before us, and next door to us. Another African country with a house listed for sale in Ghana.

The platform provides legal consultants, one has to go through an anti-money laundering (AML) process with KYC before proceeding with buying a house. Also in cases of having to comply with regulations, the cryptocurrency will be converted to fiat currency which cost of conversion is on the buyer which is a pain I will be trying to avoid in the first place but one has to comply where regulations are concerned.

I am impressed, however, that we are advancing to a world where cryptocurrency is part of every sector, we are most likely going to see options of this kind appear in hundreds and thousands giving each one the most suitable option.
An aspect I am looking forward to keenly is the tokenization of real estate wherewith as little as $100 one can own a share of an estate with dividends paid out in cryptocurrency.

The disruptive nature of cryptocurrency is spreading out.

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2 years ago in #hive-167922 by joetunex

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jfang003 2 years ago

I am skeptical about any crypto real estate marketplace because it can have a ton of fraud. At least from what I see, people still close out most deals in dollars and until that changes, I don't see that much benefit in using crypto instead.

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joetunex 2 years ago

It does has its disadvantage mostly being the scam side, it might help if some kind of Escrow is implemented as well with arthonery involved I think.

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pizzabot 2 years ago

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slhp 2 years ago

Waiting for the day fiat conversion will not be required.

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joetunex 2 years ago

I will be one of the happiest people on earth dealing with crypto transactions only.

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slhp 2 years ago

Yup

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dwayne16 2 years ago

I love this idea of making life easy by buying house without agent or bank, crypto is creating a better world for us all

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joetunex 2 years ago

We are going to see more of this option available to us as this space evolves, it is encouraging to see it happening already.

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humbe 2 years ago

That's a great transformation and it would be interesting to learn more about it, especially about the process involved.

So if one buys with crypto then that's more like buying it in cash right meaning the full amount is readily available?

But then probable to be safe one would still need to involve the Attorney to handle all the property transfers. Also, consider paying the seller through an Attorney to be safe. The Attorney will make sure the seller clears all the costs owed by their property before it's transferred to you. The processes below should be confirmed by the Attorney.

Clearance figures

Balance of outstanding rates and taxes or levies up to date of registration.

Clearance Certificate

Proof that the rates and taxes or levies have been paid

Transfer duty

Tax payable to the Receiver of Revenue when the property is acquired.

Cancellation figures

Outstanding amount on the seller's bond.

Transfer Attorney

Deals with registering property in the name of the purchaser

Cancellation Attorneys

Cancels the existing bond over the property in SF because the seller hasn't finished paying the property.

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joetunex 2 years ago

So if one buys with crypto then that's more like buying it in cash right meaning the full amount is readily available?

The looks on the platform have to be a cash purchase.

You are right, buying a house involves lots of money an attorney should be involved to ensure one is dealing with a legit transaction.

Thanks for sharing the processes required, this will help the likes of us looking to buy a house in the future.

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poshtoken 2 years ago

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hariton 2 years ago

Wow i like the fact you saw one close to you and that it's not just another spam or scam in the net and this is taking things to the next level for restate. I will check if their is one in Nigeria.

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joetunex 2 years ago

When I check the Africa section I only saw South Africa and Ghana, maybe over time, African countries will populate the marketplace or even embrace crypto and real estate.

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hariton 2 years ago

Yeah, maybe other places will accept, but Nigeria is 1% of 1000 if they receive it.
I have seen one inside that I like but the price will be far from reach now.

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