A three-bedroom property rental property located at 149 Cottage Lake Way, Columbia was sold on the onChain NFT marketplace by transferring the Home onChain identity to an Ethereum address owned by the house buyer.
The transaction was facilitated by Real estate platform Roofstock as a non-fungible token (NFT) for $175,000.
Here is how it worked:
– The buyer (an LLC in this case) took the ownership of the property
– They created an NFT that represents ownership of the house using tokenization and minting process
– The buyer holds the NFT which gives ownership of the actual house
According to the buyer “Instead of waiting months for underwriting, appraisals. title searches and preparing deads, I was able to buy a full title-insured, rent-ready property with one click. Best of all, I am no web3 expert.”
Roofstock teamed up with Teller protocol to offer loans of up to 80% to investors purchasing rental properties via NFTs.
This process opens up new avenues for using Blockchain, and NFTs in particular, to develop operating agreements for rental real estate.
H/T Unusual Whales