Are Smart Contracts useful in Real Estate Industry?

The real estate industry and smart contracts are a match made in heaven, being the most security longing industry, there is an immense need to have authentic documentation before either renting a property or owning one. However, technology has been keeping high and almost every industry is a part of it! Real estate could be the most benefitted sector with technology implementation. With the introduction to blockchain based smart contracts, there are a lot of possibilities which could ease the entire process and benefit both the sellers and buyers. How smart contracts work wonders for smart buying & selling? Buying and selling involves huge risk and neither of the one can rely on oral commitments or witnesses, there is a dire need of having an authentic contract before finalizing a deal between two parties. Smart contracts do exactly the same, acting as a silent mediator between the two parties. Once a contract is implemented between the buyer and seller it automatically disables further actions to be taken until the either parties have been authentic with each other. Each term, as prior decided will be included in the blockchain based smart contract and implemented with both the parties. Apart from the smart contracts being pivotal, here are the best practices which can be completed quite smoothly through technology implantation- Rent agreement hassle is a total ease when you’re implementing a smart contract. As a buyer you’re prior aware of the due dates, extra charges and hidden costs if any. As a seller you’re all set to track the rent credited in your account or submitted as per the laid conditions, no tenant can breach the terms and you’re totally safe with property and monthly installments! In case of setting up a security deposit, the contract will mention the late fee, damage charges and other essential terms which are required to be accessed at the end of the lease. One of the most useful feature is hosting an open house. This is a smart lock technology which allows the tenant to visit the landlord’s to be rented/sold property by simply plugging his smartphone into the lock of the door. Seems interesting? Grab the benefits and get blockchain based smart contracts installed to sort the security concerns in a go! Look for the most experienced blockchain app developers to get the best technology integrated in your real estate software solutions.