Tag: real estate

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CRYPTO for Real Estate

Step-by-Step Closing Workflow

  1. Verify buyer identity and wallet ownership.
  2. Confirm available assets and generate proof of funds.
  3. Execute offer and contract.
  4. Determine final fiat amount needed for closing.
  5. Buyer sends cryptocurrency or prepares direct settlement.
  6. Cryptocurrency is converted to fiat if using crypto-to-fiat funding.
  7. Fiat is wired to escrow or title company.
  8. Escrow completes settlement and title transfer.
  9. Seller receives proceeds and closing is finalized.

    What the Seller Actually Receives
  10. In direct crypto settlement, the seller may receive cryptocurrency under the transaction terms.
  11. In crypto-to-fiat settlement, the seller receives fiat proceeds by wire through ordinary closing disbursement.
  12. Many sellers prefer fiat because it aligns with normal settlement expectations and existing title and escrow processes.
  13. What Escrow or Title Actually Receives
  14. In most current crypto-funded closings, escrow or title receives fiat wire transfers rather than cryptocurrency.
  15. Direct crypto custody by escrow is uncommon, and many title and escrow systems are designed around conventional disbursement methods.
  16. For this reason, many transactions use crypto-to-fiat funding even when the original source of funds is digital assets.

    Learn more here

https://realopen.com/resources/crypto-real-estate-closing-process


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PROPERTY LIENS

Discovered a lien on your property? Don’t panic. 

With $22 billion in unpaid property taxes in 2023, you’re not alone. 

Selling a house with a lien is possible—it just requires strategic planning. 

Here is most all you need to know: understanding liens, navigating legal complexities, and finding the best path to a successful sale. 

Your financial challenge can become an opportunity with the right approach.

Key Notes

  • Multiple lien types exist: voluntary (mortgage) and involuntary (tax, judgment).
  • Resolve liens before selling through negotiation, payment, or cash buyer options.
  • Title search reveals liens; buyers typically require liens to be cleared.
  • Unresolved liens can delay or prevent property sale, risking serious consequences.


    Involuntary liens, on the other hand, are imposed without your agreement, often as a result of unpaid debts leading to serious financial implications. Here are some key examples:
  • Tax Liens
  • If you neglect to pay your property taxes, the government can place a tax lien on your home. This legal claim ensures that your tax obligation is prioritized. 
  • The National Tax Lien Association reported that in 2023 in the US, a staggering $22 billion in property taxes went unpaid. This highlights how critical it is for homeowners to stay on top of their obligations and proactively manage their finances.
  • Judgment Liens
  • If you owe money and a court issues a judgment against you, a judgment lien can be placed on your property. This means you lose some control over your home until the debt is satisfied.
  • HOA Liens
  • Failing to pay your homeowners association fees? They have every right to place a lien on your property to recover the unpaid dues.

    Learn more at link below
  • https://www.mosshomesolutions.com/blog/can-you-sell-a-house-with-a-lien-on-it

FINAL THOUGHTS:
Are you buying new properties? We recommend having corporate entities under each property address. And do another layer by having a Trust or Family office manage these properties.

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REAL ESTATE LAWS

April 27, 2024

Judge Approves $418 Million Settlement That Will Change Real Estate Commissions

Home sellers will no longer be required to offer commission to a buyer’s agent when they sell their property, under an agreement with the National Association of Realtors.  https://lnkd.in/gX6wVhpn

See another article from NERDWALLET on fees breakdown:
https://www.nerdwallet.com/article/mortgages/real-estate-agent-commission

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