How it all began ?
During a trip to Asia in 2017, my encounter with Bitcoin was a real revelation. I understood the power and libertarian momentum of this digital asset. The idea arose to reconcile this revolution with real estate, and since that day in September 2017 in Tapeï, After 6 years of reflection, imagination, exchange, meetings…Bitcoinimmo was born.
What is bitcoinimmo?
Bitcoinimmo has implemented an escrow process where a neutral third party, the notary, holds funds and documents from a real estate transaction. The funds and documents are kept in an escrow account opened in your name within the deposit and consignment bank until all the conditions of the transaction are met and validated by Bitcoinimmo, your trusted third party. Once the terms and conditions are met, funds and documents are released through escrow to the appropriate parties, seller and buyer.
Why is Bitcoinimmo, your trusted third party, important?
Bitcoinimmo is important to buyers and sellers because it provides a level of protection to both parties in a real estate transaction. For buyers, escrow ensures that funds are held until all terms and conditions of the transaction are met and validated by our team. This means that the buyer is sure that he will not pay for a property that he will not buy. For sellers, escrow guarantees that they will receive the funds once all terms and conditions of the transaction are met and validated by our team. Then for the seller to be sure that he will receive payment for the property he is selling. Bitcoinimmo will review all documents to ensure they are complete and accurate. This helps avoid any delays or problems that may arise during the transaction.
How does Bitcoinimmo work?
The bitcoinimmo process begins when searching for the property and continues when the buyer and seller agree on the terms and conditions of the transaction. Once the terms and conditions have been agreed with the notary, the buyer will deposit the funds into an escrow account opened in his name at the deposit and consignment office. The escrow agent (notary) will then hold the funds and documents until all terms and conditions of the transaction are met.
During the escrow process, bitcoinimmo will review all documents to ensure they are complete and accurate. We will also ensure that all necessary inspections and diagnostics are carried out. Once bitcoinimmo has ensured that all conditions are met, funds and title to the seller and buyer.
How does Bitcoinimmo secure the payment of funds into the escrow account?
Bitcoinimmo intervenes in the payment of funds when the buyer and seller agree on the terms and conditions of the transaction. Once the terms and conditions have been agreed, the buyer will deposit the funds into an escrow account opened in his name at the deposit and consignment office. Bitcoinimmo will once again act as a trusted third party, a approved payment system issued then be used. Once everything is validated by bitcoinimmo your bitcoins will be transferred to the escrow account opened in your name by the escrow (the notary) and will hold them until all the general conditions of the transaction are met.
During the process, bitcoinimmo will review all necessary documents to ensure they are complete and accurate via a KYC and TracFin application. Once bitcoinimmo is assured that all conditions are met, the funds will be transferred to the escrow account.
Once the conditions of the real estate transaction are met, the funds are paid to the seller through escrow (the notary) and the title deed is given to the buyer.
FAQs
What is the role of the receiver?
The role of the receiver is to act as a neutral third party during the real estate transaction. The escrow (notary) is responsible for holding the funds and documents until all conditions of the transaction are met. They are also responsible for ensuring that all necessary documents are in order and that all necessary inspections and diagnostics are carried out.
Who pays bitcoinimmo fees?
Escrow fees are usually paid by the buyer. They amount to 2% divided into 50% in transaction fees and 50% in fees for using the bitcoinimmo service.
What are the taxable events for cryptocurrencies?
One of the taxable events for cryptocurrencies is the purchase of goods and/or services with crypto. When you buy a product with your cryptos, your crypto is exchanged for a good.
Example: If you buy a car and pay with cryptocurrency, this transaction is considered taxable and must be declared.
More simply, the crypto tax is triggered when you sell or exchange a crypto for something other than a crypto.
What happens if the transaction does not close?
If the transaction does not close, the funds are returned to the buyer. According to the conditions of sale, if the buyer withdraws without obvious reasons stated in the promise of sale, the security deposit may be claimed for the benefit of the seller. Conversely if the seller decides to no longer want to sell to you. Bitcoinimmo ensures the signing of sales contracts, protecting both parties of the transaction as best as possible. Transaction fees may also be charged.
Conclusion
Bitcoinimmo is an important part of the real estate transaction process by positioning itself as a trusted third party. It provides a level of protection for buyers and sellers and helps ensure that all necessary documents are in order. By understanding the role of bitcoinimmo, buyers and sellers can have peace of mind knowing that their transaction is being handled by a neutral and trusted third party. Whether you are a novice or an experienced real estate investor, understand our essential role for a successful transaction.