Hey everyone. I’m not sure if this is the most suitable topic on this forum as such.
But…
If there is a way to radicate banks from handing out mortgages then could a smart contract between a Buyer and seller be something I could think about creating?
Ps love this course @ivan @Leo777 any thoughts would be much appreciated.
This is EXACTLY what I was thinking. Great read that. Thank you @bisks any other thoughts from anyone?
I don’t think that “The real estate sector is in most countries, mostly out of historical reasons, a heavily regulated industry” is true of the UK. Maggie Thatcher regulated the number of estate agents’ signs that could be placed in one front garden. When I saw that on the news, I thought something is very odd about that and not long after there was a housing market crash.
In England & Wales, the Law Society’s Standard Conditions of Sale provide typical terms and conditions that are intended to balance the interests of buyers and sellers. It includes, for example, provision for a deposit (“down payment” in the Hacker Noon article), which may be forfeited if the purchaser does not complete.
Hi Rob, hows it going mate…!
I heard of this coin being mentioned through Ivan, a while back…!?
I think thiss a great alternative because smart contracts can eliminate the need for unreliable third parties to facilitate real estate transactions. In the case of real estate contracts, it can be verified and applied automatically without the need for human interaction - reducing the need for agents, lenders or registrars. In addition, the code used in a smart contract is stored in a blockchain and cant be edited. This ensures that the results of the contract are transparent. I trust this method, especially because after reading about the Tim Thomas housing crash, it`s obligatory to protect yourself and keep your money.
Sorry for bumping the thread, but I’d like to say that using a smart contract between a buyer and seller to handle the transaction could be an interesting approach. However, it’s important to consider various factors like legal implications, regulatory frameworks, and the practicality of implementing such a system on a large scale. If you’re looking for guidance specifically related to mortgages and smart contracts, reaching out to a Mortgage Broker in Stockport or another expert in this field could be a great idea. They can offer guidance on how to structure the contract, ensure compliance with relevant regulations, and address any specific requirements or concerns you may have.
