No one can deny that a digital revolution of some form is currently taking place. This is creating a huge opportunity to change the way we transact, especially on a person-to-person basis. Cryptocurrencies like bitcoin, Ethereum, and SMARTRealty tokens are in a prime position to transform the way we transact with one another, and smart contract technology can transform the way we record and enforce contracts and agreements, reducing the need for long drawn out court battles and dispute resolution processes.
The purpose of SMARTRealty is to allow users to execute, record, and enforce real estate transactions using a system of smart contracts known as SMARTRealty Contracts. The smart contracts can replace traditional contracts such as leases/tenancy agreements, ownerfinancing agreements, contracts for sale, and even mortgage agreements.
What makes SMARTRealty contracts preferable over traditional contracts is that they can eliminate various human elements outdated technology resulting in a reduction in legal, accounting and transaction costs, and a significant reduction in fraud, corruption and legal disputes and their associated costs.
According to Savills Research, the value of all world real estate totals around US$180 trillion. Approximately 17% of that is commercial real estate and 83% is residential real estate. Of the residential real estate, 72% is owner-occupied, while the other 25% is rented out to tenants
THE PROBLEM
Contracts made between individuals with little to no legal counsel, as most rental and lease agreements are, are often the subject of dispute, debatable obligations and meanings, and countless misunderstandings. Every jurisdiction in every civilized country in the world is full of landlord-tenant disputes and courts are over-burdened by these disputes every day.
THE SOLUTION
SMARTRealty believes that while we may never be able to eliminate contract disputes completely, we can significantly reduce them, as well as the time and effort spent settling them, by applying smart contract technology to certain types of agreements.
SMARTRealty’s goal is to initially apply smart contract technology to residential leases, and provide a platform for landlords to advertise their rental units and homes to potential tenants, with SMARTRealty smart contracts governing the transactions.
How SMARTRealty WorksTwo Parties Agree to Transact Using SMARTRealty
This could be for the purchase and sale of a piece of property, or a simple one year rental agreement. The parties use the SMARTRealty platform to solidify the terms of their agreement in a SMARTRealty smart contract, which includes whatever terms and conditions the parties agreed to, including dates of payments due, amounts due, length of the agreement, penalties for non-compliance, etc.
The SMARTRealty Contract Manages The Relationship Between The Parties
The paying party can make payments using ETH, BTC, LTC, USD, EUR, or many other currencies, which would automatically be converted to RLTY tokens and applied to the SMARTRealty contract. Payment can also be made directly with RLTY tokens, if preferred. The contract can even be ‘pre-programmed’ to automatically serve notices in the event of breach, or to terminate upon expiration, or whatever protocols the parties agree to upon contract creation and/or are required by local statute(s).
SMARTRealty Contract Executes and Deal Closes
Upon final payment(s) or whatever variable the parties agree to, the contract executes and, upon expiration, the transaction is completed. Upon expiration, any necessary filings can be made or, if rental agreement, tenancy can be terminated and any security deposit refunded according to the terms of the agreement. Contracts can even be set to auto-renew, if required, or new terms can be negotiated and a new contract executed, if the parties agree.
INITIAL TOKEN OFFERING
The SMARTRealty token is called RLTY. Our pre-sale period is ongoing now, and the official public token sale begins on February 15th, 2018 and will last for 90 days. Anyone participating in the pre-sale is entitled to a bonus of up to 50%. There are 500,000,000 RLTY tokens. 20% of those tokens are allocated for the pre-sale, and 20% are allocated for the actual ICO period. The total RLTY token allocation is as follows
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