Legal Innovation for Real Estate Transactions Explained


PrepayWay is the perfect merger between IT,
finance, real estate, and law. In the legal area, we are doing several innovative
and unique things; nobody else does this. First, we have real estate lawyers and notaries
in a growing number of countries preparing templates for typical real estate transactions
– contracts that can be used for buying, selling, renting, leasing, etc. of real estate. And these templates are harmonized from one
country to another so that they will have a similar look and feel, but still specific
to the jurisdictions so that they will be enforceable in different countries. We are uploading templates online so that
they can be accessed at any time, from any place, on any device. More importantly, they are translated into
multiple languages, so a buyer from the United States negotiating with a seller from Sweden
about an apartment in Greece each looks at their own language version, but it’s one contract
at the end. Smart contracts are furthermore secured on
the blockchain. They cannot be tampered with, and they will
execute automatically when the contract terms are met. If the contract terms are not met, earnest
money, etc. is returned to the buyer. And this is where the next innovation comes
in. If there is ever a dispute about meeting or
not meeting of contract terms, we have a smart arbitration system. And normally arbitration for relatively small
amounts, let’s say a down payment or earnest money of 5,000 dollars is not efficient, but
we have a system making it efficient. So we have an independent arbitrator securing
the rights of the parties with an enforceable award by the New York Convention enforceable
in over 150 countries. In the end, we will have perfect transparency
with the different languages and security with the enforcement system for our users
of the PrepayWay platform. With smart contracts, no matter whether they
are large or small contracts, the users of our platform they will never have to worry
about their rights and their money anymore.

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