Real Estate Transactions

Key Feature

Global Accessibility

• Cross-Border Transactions: Users can participate in real estate transactions across international borders without the complications typically associated with traditional real estate markets. This global reach opens up investment opportunities in diverse markets.

• $CITY Tokens: The use of $CITY tokens facilitates seamless transactions, enabling buyers and sellers to easily exchange value regardless of their location.

Transparency

• Blockchain Ledger: All transactions are recorded on the blockchain, creating an immutable ledger that provides complete transparency. Every detail, from property ownership to transaction history, is visible and verifiable.

• Traceability: The blockchain’s inherent traceability ensures that all transaction steps can be audited, reducing the risk of fraud and enhancing trust among users.

Security

• Immutable Records: Blockchain technology guarantees that once a transaction is recorded, it cannot be altered or tampered with. This immutability protects the integrity of property records and ownership details.

• Smart Contracts: Transactions are executed through smart contracts, which automatically enforce the terms of the agreement. This reduces the need for intermediaries and ensures that both parties fulfill their obligations.

Efficiency

• Reduced Transaction Times: The use of blockchain and $CITY tokens streamlines the transaction process, significantly reducing the time required to complete property sales. This efficiency benefits both buyers and sellers.

• Lower Costs: By eliminating intermediaries and reducing administrative overheads, CityDAO’s platform lowers the costs associated with real estate transactions. This makes property investment more accessible and affordable.

Function and Logic

CityDAO’s real estate transaction platform uses blockchain technology and $CITY tokens to create a secure, transparent, and efficient system for buying and selling properties. This section details the functionality and logic behind the platform, explaining how transactions are conducted from start to finish.

Tokenization of Real Estate Assets

• Property Listing: Property owners list their real estate assets on the CityDAO platform. Each property is tokenized, meaning it is represented by a specific number of $CITY tokens.

• Property Details: Detailed information about the property, including location, size, amenities, and legal documents, is uploaded to the blockchain. This data is immutable and accessible to potential buyers.

Smart Contracts for Transactions

• Initiating Transactions: When a buyer decides to purchase a property, they initiate a transaction by entering into a smart contract. This smart contract contains all the terms of the sale, including price, payment schedule, and conditions.

• Escrow Service: $CITY tokens used for the transaction are held in escrow by the smart contract. This ensures that funds are securely held until all conditions of the sale are met.

Verification and Due Diligence

• Blockchain Verification: The buyer and seller can verify each other's credentials and the property details on the blockchain. This includes ownership history, property title, and any liens or encumbrances.

• Due Diligence: Both parties conduct their due diligence, facilitated by the transparent and immutable data available on the blockchain. This reduces the risk of fraud and provides confidence in the transaction.

Completing the Transaction

• Fulfillment of Conditions: The smart contract automatically checks that all conditions of the sale are fulfilled. This may include the buyer securing financing, the property passing inspection, and any required regulatory approvals.

• Token Transfer: Once all conditions are met, the smart contract executes the transaction, transferring the $CITY tokens from the buyer to the seller.

• Title Transfer: Simultaneously, the property title is transferred to the buyer, with the new ownership details recorded on the blockchain. This ensures that the transaction is completed securely and transparently.

Post-Transaction Management

• Property Management: After the transaction, the new owner can manage the property through the CityDAO platform. This includes listing it for rental or sale, managing property taxes, and maintaining records.

• Continuous Transparency: All future transactions involving the property are recorded on the blockchain, maintaining continuous transparency and traceability.