Home listings are one of the most noticeable ways that cryptocurrency is being used in real estate and it is a strategy that is being used more and more to generate greater interest in the real estate market.
Given the growing popularity of cryptocurrency in Cyprus and around the world, purchasing real estate using cryptocurrency is a viable option in the current atmosphere. Developers are already offering properties for sale in Cyprus with cryptocurrency as a form of payment.
It is now a reality that the global trend for cryptocurrency is growing, and the number of people willing to conduct transactions in Crypto, or digital money, is growing. There is also the option to convert cryptocurrency into Fiat money for individuals who prefer to accept payment in the traditional manner using Euro or other currencies.
The purchase and sale of real estate is carried out as a standard transaction which appears as indicated below:
- The buyer collects all of the papers required for the purchase of the property;
- The lawyer will progress with all due diligence processes necessary to check the legal status of the property to make certain that it is free from any charges and/or encumbrances;
- An agreement is concluded between the purchaser and the seller.
- The buyer proceeds with payment of property.
- The seller receives a confirmation receipt;
- The deal is fixed; and
- The record of the change of owner is registered with the authorities, such as the Land Registry Office, etc.