Property Purchase Guide
Welcome to the Property Purchase Guide! Learn how to leverage our platform to facilitate the purchase of real-world properties, represented by DeedNFTs - We’ll take you through the secure and efficient process of purchasing a property. From submitting a purchase request to finalizing ownership transfer - all facilitated by smart contracts.
Step 1: Browse Available Properties for Sale
The first step in the purchasing process is to find a property you're interested in.
Navigate to the 'Marketplace': Start by navigating to the 'Marketplace' section on our platform, where all available properties are listed for sale.
Apply Filters and Preferences: You can apply various filters based on your preferences such as location, property type (land, vehicle, commercial equipment, real estate), price range, etc.
Click on a Property for Details: Once you find a property you're interested in, click on it to view more details. This will include a detailed description, images, price, location, property type, DeedNFT details, and more.
Step 2: Choose a Property and Review the Sale Terms
After you've found a property you're interested in, you'll need to review the terms of sale.
Review the Sale Terms: Each property's listing includes its sale terms, which detail the price, payment terms, and other conditions of sale. Make sure to read through these thoroughly.
Consider Legal and Financial Advice: It may be beneficial to seek legal and financial advice at this point, especially if you're unfamiliar with property transactions.
Step 3: Submit a Purchase Request
Once you've reviewed and agreed to the sale terms, you can proceed to submit a purchase request.
Click 'Buy Now' or 'Place a Bid': Depending on the property's sale type, you'll either need to click 'Buy Now' or 'Place a Bid'. Follow the prompts to proceed.
On-Chain Transaction: This action will require you to confirm a blockchain transaction. Make sure you have enough xDAI in your wallet to cover the transaction cost (gas fee).
Step 4: Initial Payment and Due Diligence Period
After submitting the purchase request, an initial payment is made, and a due diligence period commences.
Submit Initial Payment: Upon the approval of your purchase request, you'll be prompted to submit an initial payment, which will be held in an escrow account controlled by the platform. Follow the provided instructions to complete your payment.
Due Diligence Period Begins: Once the initial payment is submitted, a due diligence period begins. This is your opportunity to conduct any necessary investigations and inspections to ensure the property meets your expectations. If possible, you may also arrange to tour the property during this period.
Monitor Your Due Diligence Period: Navigate to 'My Purchases' on your dashboard to monitor the status of your due diligence period. You'll be able to see the remaining time and any updates or notifications.
Step 5: Signing of Traditional Agreements
While the blockchain transaction will represent the legal transfer of ownership, traditional agreements may also be required depending on local laws and regulations.
Review Agreements: Our platform will generate the necessary agreements for the sale, such as the Purchase Agreement and Administration Agreement. Review these carefully and make sure you understand all the terms.
Sign Agreements: Once you've reviewed and agreed to the terms of the agreements, sign them digitally on our platform. This is an off-chain action and will not require a blockchain transaction.
Step 6: Finalize Payment and Transfer of Ownership
After all agreements are signed, the final step is to complete payment and receive the property's DeedNFT.
Submit Final Payment: After due diligence is complete and all agreements are signed, you'll be prompted to submit the final payment. This will be an on-chain transaction and will require you to confirm it in your wallet.
Transfer of DeedNFT: After your final payment is confirmed, the escrow is released, and the property's DeedNFT will be transferred to your account. This NFT represents your ownership of the property.
Step 7: Completion
Congratulations! You are now the owner of the property. Your account dashboard will now reflect your new property ownership, and you'll be able to manage your property from there.
Remember, it's crucial to keep your account information secure, as your DeedNFTs are linked to your account. Losing access to your account may result in the loss of your digital assets. If you have any questions or need help, our support team is always here to assist you.
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