Blockchain and Smart Contracts Will Change the Way You Buy Real Estate
Buying or selling a home can be an exciting time in one’s life. It usually marks the start of something new and the end of something else. While the process of buying or selling real estate can go smoothly, we have all heard of horror stories as well. For sellers, finding a buyer, negotiating a price, completing all of the proper paperwork, and proving that there are no issues with the house can quickly turn into a headache. For buyers, verifying that what’s on the surface reflects the core of the structure can be a frustrating process. The last thing any buyer wants it to discover later on that tens of thousands of repairs are required.Fortunately, NeuroChain has the potential to solve the current problems and inconveniences involved with real estate transactions – including buying, selling and renting. NeuroChain is a decentralized system of artificially intelligent bots that are capable of keeping track of transactions as well as other pertinent information. In real estate, this information could be the deed, property tax records, insurance claims, maintenance records, etc.Amongst the most innovative solutions is the use of NeuroChain’s smart contracts to execute leases and transfer deeds. The smart contract system uses blockchain technology to execute the agreements contained within contract and transmit pertinent data to relevant agencies.
When the smart contract is executed in the blockchain, this information is received by the bank who then loans the requested funds to the seller. The buyer simultaneously enters into a smart contract with the bank to facilitate the mortgage. NeuroChain also makes sure that the real estate agent automatically gets her or his commission. Upon the successful transfer of funds, the smart contract then transfers the deed to the buyer (or the bank). The bill of sale is also sent to local authorities in order to update property tax records.The benefits of the NeuroChain is that all this information is being simultaneously shared and a consensus must be reached using the PII consensus protocol. The NeuroChain will reference this consensus among the parties when the house is sold in the future or to resolve any disputes between parties.For landlords and renters, smart contracts are more convenient and more secure. The rent is automatically transferred every month and the security deposit is secured in the contract rather than by the landlord. The security deposit won’t be released unless the landlord can prove breach of contract.The traditional real estate industry is patiently awaiting its inevitable revolution. Fortunately, NeuroChain has the opportunity to support the development of smart contracting in real estate transactions.
NeuroChain, let’s build a better world!
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