Mixing Real Estate with Digital Money
(Digital Money World) I’ve always thought how nice it would be to just click on a house at eBay and buying it straight without going through the hassle of all the tough procedures to procure a piece of real estate; Whilst I haven’t heard of any Realtors doing it nor know that this is possible (Since all countries have different policies when it comes to foreign buyers or even local buyers of the country), maybe a fact is that someone can come up with such a platform to expediate the process of viewing a house and procuring a house with step by step details and make the initial payments with Digital Money/ Digital Gold Currencies.
Maybe the process of viewing the house in virtual world could be improved so a home buyer can have a good feel of how is it like in the house. A good example would be this virtual tour of a penthouse unit in Singapore that I’ve done up with a photographer with a Javascript/ Java/ Flash technology. Maybe more videos, photos can be added in together with a floorplan.
Of course we understand that as long as we don’t get to see it physically, we can’t always confirm or affirm anything. These aids are there to assist your buying decision, rather than making a wasted trip down to look (especially for overseas buying). From here and out, we could confirm the buying process by paying the deposit through Digital Money/ DGC which would make the process relatively faster than Bankwire (I’m not sure of this, but as long as the amount gets into my e-Gold account, I would feel really safe since e-Gold payments are irreversible. Not so sure about Paypal). From here, the Realtor can carry out the procuring process and have the Solicitor ready to proceed with the rest of the conveyancing.
Getting a piece of real estate with digital money hasn’t been that common as yet, but the future of having this option seem really bright in the near future to come.
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1 opinion for Mixing Real Estate with Digital Money
Jon
Jul 2, 2008 at 6:08 pm
I’m afraid this won’t work.
Transfer of real estate is a complicated transaction requiring, among other things, written (paper) documents such as a contract, a closing statement, and a deed, which must be recorded at the county Recorder of Deeds.
There is also a law that real estate contracts, unlike contracts for other purchases, must be in writing.
While it is conceivable that someone could use digital currency to pay for real estate, the mechanics of a real estate transaction cannot happen online. They must be performed in the “real world” using paper, signatures, and real people.
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