Have you ever wondered why there are so many hoops to jump through when purchasing or selling high-value items? Have you ever bought a house and wondered why you have to sign heaps of paperwork and sometimes wait months for a transaction to close?
In essence, it all boils down to two things:
– The involvement of middlemen (banks, real estate agents, title companies, escrow agents, attorneys etc.)
– A lack of trust between two parties.
Fortunately, there’s another, vastly improved process evolving as we speak. It’s called trustless smart contracts. With BitBay, I was able to easily create a custom trustless smart contract, which enabled me to sell a 5-acre property located in Southern California, to an international buyer located halfway across the world in Norway.
This was all done with a peace of mind and without hassle.
Now, before we get into this…. the words and ideas in this article are solely based on my own opinion and experiences. I am not an affiliate of BitBay, and these opinions are not a reflection of any organization or entity. I’m only here to express my personal approach to real estate transactions and how I would like to see the industry change in a sustainable way. Closing real estate transactions using crypto-currency is still relatively new, and can carry substantial risk. Government regulation, accuracy of information, and volatile currency rates can all change overnight, which can either make or break the deal. BitBay is one of the few platforms out there changing this right now.
Also, I understand that many of the middlemen and systems within the real estate industry have originally been designed for a purpose… to ensure strict legal security and structure for all transactions. I believe this purpose is a good thing… However, I also see how these outdated systems can cause a blockage in the flow of both information and money from both the buyer and the seller, while charging high fees in the process. In an age where consumers can order almost anything online and have it delivered in a day or two, why does it have to take weeks or months to buy land or a house?
Source/More: How I sold 5 acres of land using BitBay’s blockchain smart-contracts:
