Overview

In a nutshell...

In-Trust Property Ownership

Who owns the property?

The holder of the Property Title NFT owns a 1% portion of the property. The property title deed remains in Open Earth Labs Trust and the agreements put in place work similarly to a part-ownership title share.

What can be done on the property?

The holders of the Property Titles vote annually on items such as property usage. Since the property is fully owner by the Property Title holders the property governance is conducted by them.

Is the property real?

The property is an actual legal and physical property owned somewhere on earth.

How do I buy a Property Title?

You can purchase the title on a secondary market such as OpenSea or you can purchase an Expression of Interest (EOI) NFT from Open Earth directly. The EOI allows you to vote on the purchase of a property we present with preference to the final holder being given according to the Land NFT's they own as well as order in which they voted in favour of the purchase.

Must I own a land NFT?

No. A land NFT simply gives you first preference of a property contained in that land NFT. This means that if you owned a Sea Point, Cape Town NFT then you would be given preference on properties in Sea Point, Cape Town. Should you not own a land NFT then you will still be able to vote on the purchase of a property and be granted Property Titles after those who own the land NFT.

How is the property chosen and decided on?

Open Earth Labs' specialised property acquisition team assess properties on a constant basis with 3 primary factors in mind. Security of the property, safety of investment and quality of investment. This will lead them to select properties in the best possible areas with the best possible quality to present to EOI holders. The final decision on the purchasing of the property remains with the EOI holder. They will view the property presentation document and decide whether they wish to purchase the property or not. Only if 100% of the properties cost contains in-favour EOI holders will the property be purchased and the ownership titles distributed.

How do I sell my property title?

You can sell your property title on a secondary market such as OpenSea. This allows for your property to be a liquid asset.

How are expenses covered?

Expenses such as insurance, rates and taxes, levies, etc are covered by the owners of the property titles. The required expenses are transferred into the smart contract which governs the property.

Can I make a monthly income?

Yes! If the owners of the property titles decide in majority that the property should be used to generate income through rental or airBNB then the profit made from that activity is paid into the smart contract governing the property and each title holder can withdraw their share or leave it there to cover any expenses.

Why should I invest in this and not a REIT?

The Open Earth Labs: Property Ownership is not designed to replace a REIT. It is simply another method of investment which utilises the power of the blockchain to bring parties together into a part-share ownership scheme where zero-trust contracts are deployed to ensure the governance of the part-share relationship is consistent and without interpretation.

Why are you doing this?

We wish to show the use case of NFT's and the blockchain augmenting the existing property title governance. By moving the title governance into a zero-trust blockchain the owners are able to more easily trade these assets, own portions of these assets while still maintaining the same security and assurance of ownership as through a conventional title. We wish to see this concept grow into a model which allows people to eventually own full title portions without ever needing to mortgage their property by bringing the investors and the buyers together.

Are there any minimum requirements?

In order to have governance rights over the property you must own a property title and be fully KYC with Open Earth Labs. If the property title holder has not been fully KYC'ed then that title will become worthless and have no rights to the property. This is to prevent money laundering and tax-evasion. We wish to improve things and make legal ownership open; not create further problems.