SMART CONTRACT.
Smart contract is a means to help in the exchange of money, property, shares or anything that has value in a transparent, conflict-related way and trying to totally avoid the use of a middleman.
Some of the most difficult pledge people involve in is real estate transactions. Even the agreement between the parties involved is not clearly understood. Compelling the parties to abide by the rules can also be time wasting.
Issues arise on both the part of the landlords and tenants. The landlords find every means to collect their rents and are ready to chase any tenant not willing to pay. Also, the tenants have issues with the landlords making appropriate repairs in the houses, they also find it difficult to abide by the laid down laws.
The focal point of SMARTReality is to enable the users to enforce real estate transactions using a system of smart contracts called SMART REALITY CONTRACTS. These smart contracts will take over those traditional contracts between tenants and landlords such as tenancy agreement, financing agreement, etc.
Smart Reality is far preferable over traditional contracts because it excludes some elements like antiquated technology and this usually lead to lower costs and it reduces corruption and other costs.
Savills Research reveals that the value of all the world real estate totals around US$180million, approximately 17% of that is commercial real estate and 83% is residential real estate, 72% is occupied by the owners while 25% is rented out to tenants.
The united state's records increase in the number of landlords and tenants daily. It increases daily with approximately 2,654 new renters and 544 new landlords on average.
The Rental Protection Agency reveals that there are 112 million renters and nearly 23 million landlords.
The tentage of single-family residence is at an increase for several years. Due to the increase in a single family residence, the sales of new single-family houses are also an increase.
The current population of the U.S which is 323million assumes about one-third of the residents are tenants while nearly two-thirds are homeowners.
It means every adult in the US is currently involved in one or more real estate contracts.
PROBLEM OF SMART REALITY
Disputes always arise in real estate transactions between landlords and tenants that have little or low legal counsel.
The cause of the dispute may be on the part of the landlord or tenant.
Contract dispute cannot be completely eliminated but it can be reduced by applying smart contract technology is one thing that smart reality believes in.
The initial goal of smart reality is to be able to apply smart contract technology to residential leases and to as well provide a platform for landlords to be able to advertise their rental units and homes to tenants who are potential by using SMARTReality smart contracts governing the transactions.
One other thing that SMARTReality believes to achieve over time laid out in their roadmap is that they plan to branch this platform out to include residential and commercial real estate transactions, they as well plan to include rentals, sales and even non-traditional transactions which includes owner-financing and lease option agreements.
THE PROCESS FOR SMARTREALITY.
There are so many real estate portals already in existence but SMARTReality will make it's own different by making it a place where landlords, real estate buyers and even real estate sellers will able to connect with one another.
SMARTReality contract process will be different in the operation of websites because contract process will be facilitated as it will take users through every aspect of transaction ranging from negotiation to agreement, execution and finally it will proceed to payment.
For instance, a landlord will have the ability to list his rental property on a SMARTReality website, it will become visible to other potential tenants who are looking for housing in that general area.
Rooms will as well be opened through partnerships with other real estate networks, it will as well be made available on different listing services.
The moment the landlord and potential tenant reach an agreement, on the terms of lease and price, the agreement is solidified in a SMARTReality contract already recorded on the blockchain, it stands from that point until the predetermined end of the tenancy period.
Payment will be made to the smart contract itself, cryptocurrency or any fiat currency will be acceptable as a means of payment.
The currency will then be converted into RLTY tokens, the payment(s) will be reached on the blockchain, the currency will be delivered to the landlord according to the terms set out in the initial contract.
In cases where they might be breach of the agreement terms, such as non-payment or probably the expiration of the lease term, there can be a pre-programmed of SMARTReality in order to issue notices which may include a pay or quit notice which may be a notice to terminate tenancy or a notice of expiration (whatever the case may be).
Token sales
1 RLTY = 0.0008 ETH
1 ETH = 1250 RLTY
RLTY SMART CONTRACT ADDRESS: 0xbe99B09709fc753b09BCf557A992F6605D5997B0
ICO ADDRESS: 0x44A16F9F7c67baFCbeB5D04a5D1f6248b1222ff7
ROADMAP
Sources
Website: http://www.smartrealty.io/
Whitepaper: https://smartrealty.io/wp-content/uploads/2018/01/SMARTRealty-Whitepaper-v1.pdf
Twitter: https://twitter.com/rltytoken
Facebook: https://www.facebook.com/SMARTRealty-1877878195858356/
Reddit: https://www.reddit.com/r/SMARTRealty
Slack: https://join.slack.com/t/smartrealty/shared_invite/enQtMzAwMTA1NTM2MjI5LTU5NWU0NmFlODc1OTQ0NjNkYTA5YzIxNDNiY2JiMjM2MjBiZjZjODA5MmQxMDYyM2U5NmYzZTA4Njc2MTQwOWI
Telegram: https://t.me/joinchat/BaF91g_sD4e0Jrmv5Idisg
Linkedin: https://www.linkedin.com/company/smartr-solutions-llc-smartrealty-io/
Ann Thread: https://bitcointalk.org/index.php?topic=2841484
Authored by: gbenga88
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1874687
Eth Address: 0xdcef7d27bbaae609accdaf43ccf41b042beaffb4