- Global realtor has completed California’s first all-blockchain property sale
- Realtor, buyer, seller and escrow agent were able to work together remotely to complete the sale
- Successful transaction bodes well for future of international real estate transactions
Propy, an innovator in global real estate transactions, has just announced the first-ever California property purchase completed entirely with blockchain. The sale of 10 acres of land in the south of California was processed on Propy’s proprietary platform using Bitcoin-to-Bitcoin cross-border payments.
Licensed California realtor Kate Fomina handled the sale from Hong Kong. Buyer Luke Carriere was located in New York, seller Diana Dominguez was in Northern California and the escrow agent was in the Bay area of San Francisco. Nearly every step of the cross-border payments process took place online, and the property title deed was recorded on both Propy’s Blockchain Title Registry and the Ethereum public blockchain.
Transaction security was anchored by distributed ledger technology and Propy uses smart contracts to guarantee all transactions are handled in compliance with local regulations. Real estate sales completed on Propy are also legally binding, provide verifiable proof of ownership and use the traditional legal framework to safely transfer property ownership.
Any customer, realtor, broker or title agent can access deed records via the Propy Blockchain Title Registry.
According to officials, the successful blockchain real estate sale in California holds promise for those hoping to use international payments to purchase property overseas, especially those buyers looking for additional safeguards against hacks, corruption or other risks before they send money abroad.
“We believe that blockchain technology can truly revolutionize the real estate purchasing process and the management of public records,” said Propy CEO Natalia Karayaneva. “Propy streamlines a complicated process into a simple online transaction, and we’ve seen significant traction in the industry already – buyers and sellers are increasingly turning to blockchains and cryptocurrencies. We’re excited to facilitate more property transactions, and reach more milestones in our goal to automate the real estate industry via blockchains.”
For more information on purchasing property overseas, browse our informative guide to buying international real estate here.
