One of the most complex and complicated things a lot of people do are the processes involved in carrying out transactions related to Real Estates. Right from the simplest lease agreements to the enforcement of the terms of the contracts, there are a lot of cumbersome processes involved, and to make it worse, parties involved in the transaction like tenants and landlords, might not fully understand the agreements. This causes the waste of significant effort and time, but not anymore because SmartRealty is providing a solution to this recurring issue.
The SmartRealty Ecosystem
Asides signing agreements, a number of landlords waste time trying to collect their rents from tenants or even ending the tenancies of those that have been deficient in their payments. Also, many tenants have a hard time getting back their security deposits or trying to convince their landlords to carry out necessary renovations and repairs within a specific timeframe which is clearly stated in the terms of their leases.
SmartRealty believes these issues can be reduced significantly or totally resolved by using the smart contract feature of the Ethereum Blockchain in the area of the sales of real estate and renting of properties.
With the revolution currently happening in the digital world, there are huge opportunities to change the way transactions happening even though they are on a face-to-face basis. And, the SmartRealty platform is taking the bull by the horn and uses smart contracts to record and enforce agreements and contracts, which tends to eliminate the need for long court session and processes to resolve disputes
The SmartRealty Platform’s Purpose
The man aim behind the development of the SmartRealty platform is to provide users with a forum where they can record, enforce, and execute transactions related to real estate via smart contracts called SmartRealty Contracts. These contracts will stand as a substitute for traditional contracts like owner-financing agreements, mortgage agreements, tenancy or leases agreements, as well as contracts for sale.
What Makes SmartRealty Contracts Different?
Why the SmartRealty contracts are preferred over the traditional contracts is that they tend to get rid of outdated technologies and numerous human imposed elements. This reduces transaction, accounting, and legal costs, and also reduces legal disputes, corruption, and fraud significantly.
How Does SmartRealty Operate?
Wondering how SmartRealty operates? Here is a simple breakdown of the processes involved in using the SmartRealty platform:
- Two entities come to an agreement to make transactions using SmartRealty
- The SmartRealty Contract manages and keeps track of the relationship between the parties involved and;
- The SmartRealty contract executes and closes the deal.
SmartRealty Token and ICO Roadmap
Being an Ethereum-based platform, SmartRealty uses the RLTY token to give users access to its many unique features.
The RLTY token ICO went live February 1, 2018, and will continue until May 15. The hard cap during this period is placed at 160,000 ETH, with 1 RLTY valued at 0.0008 ETH. After the ICO period, the exchange listing will begin while the SmartRealty Contract and Development will kick off from June 2018.
Real Estate transactions are about to be taken to a whole new world, and this journey is being led the SmartRealty platform. Using the RLTY token, all transactions related to Real Estate can now be done seamless and without the need for third parties.