The story of Jane

Only a few steps away from ownership...

The story of Jane

Jane wishes to get into property but cannot afford to purchase a house right now. She feels that she is missing out because she can see the returns that property owners make. Jane discovers Open Earth Labs and realises that Open Property will allow her to own and run a property as if it were her own.

Jane cannot find any property to purchase on the Open Market so she decides to place an Expression of Interest. She heads over to the EOI page and starts the minting process. She connects her MetaMask wallet which has Matic in it to the value of $1 000. Right now this is all she has to get into the property market but is very excited to start.

She selects mint EOI and her $1 000 moves from her wallet into the EOI Smart Contract. She is so happy that smart contracts exist because they are pure contracts that have no difference in interpretation and execute based on very specific rules. They are also open to the public and can be verified at any point. She reads the information on the EOI Smart Contract and realises the following:

• Her money is now in escrow and she can at any point change her mind and withdraw the money from the EOI contract.

• Open Earth Labs will seek out the best investment opportunities and present it to EOI NFT holders like Jane for approval of purchase.

• Jane's money will automatically transfer out of the EOI Smart Contract and be used to mint a unique Property Ownership NFT that gives Jane a part-ownership of her property.

Jane has waited a week since creating her EOI NFT and has finally been notified by Open Earth Labs that there is a new property proposal. Jane quickly goes to the Open Earth website to look at the property in question. She sees the proposal made by Open Earth and notices that the return on the property could be 7% per annum through airBNB income. This excites her and she votes to purchase the property and pledges her EOI NFT towards the purchase of the property.

Jane realises that she cannot pledge her EOI NFT until she has completed KYC registration but realises that it's important to KYC Open Earth Real-world owners' identities in order to prevent money laundering amongst other things. She completes her KYC and her EOI NFT gets burnt by the EOI Smart Contract while the pledged amount transfers to Open Earth Labs to facilitate the purchase on her behalf.

Open Earth Labs now acts on behalf of all the parties who decided to purchase the property and purchase the property on their behalf. The title transfers to the custody of Open Earth Labs who then mint all the ownership NFT's for each party involved and setup a new Property Smart Contract for the property owners. Any funds not used are deposited into the smart contract and allocated to each owner.

Jane gets a notification from Open Earth Labs to mint her new property's Ownership NFT. She heads on over to the Open Earth website and excitedly mints the Ownership NFT's. She notices that the property that was purchased cost $50 000 and that she is entitled to 2 Ownership NFT's each representing $500 of ownership. She reads about the new Property Smart Contract and realises the following:

• Open Earth Labs will continue to keep the title in custody into perpetuity. This keeps Janes ownership secure.

• Open Earth Labs will manage the property on the instruction of the owners and all property fees such as potential Levies, Utilities, Insurances, Rates, etc will be calculated and become payable monthly by the owners.

• The owners will need to pay a portion equal to their share of ownership and will also have voting rights equal to their share of ownership.

• The owners will vote annually on the use of the property, the persons allowed access to the property as well as whether to use the property to generate income or not. The resolutions with the greatest vote is executed as an instruction by Open Earth Labs.

Jane is concerned about having to pay for the operational costs of the property but understands that with property ownership comes certain expenses. She also realises that if the owners all vote to make the property an income generating airBNB property then these costs would be covered and it would cost her nothing. She wonders what would happen is she or someone else simply never pays for these expenses. She notices that there is a section dedicated to the failure of owners to pay property expenses. She sees that if she cannot pay for the expenses that the Smart Contract allows her 90 days to make the contribution before her NFT is revoked and placed on auction with the reserve price being equal to the arrears amount. This means that she could lose her full $1 000 if she doesnt pay the small amount due each month. This makes Jane deposit the full year's amount into the contract.

A month has passed and Jane has received another notification from Open Earth Labs. She has earned $5.83 from airBNB revenue on the property and this is in the Smart Contract ready for her to withdraw. She is so excited and heads over to the Open Earth website and withdraws her very first paycheck as a property investor. She also realises that on top of this monthly income her property increases in value. What a great decision to enter the property market.