You have probably heard about digital currency.
The coronavirus epidemic has accelerated the use of digital currency as opposed to state based fiat currency.
The main method to purchase or sell real estate with digital currency is by simply finding a seller or a buyer who is willing to accept a digital currency and exchanging that digital currency equivalent to AUD value for the property.
At Platinum Lawyers, we have experience in completing digital currency property purchases. Our clients are purchasing property all over Queensland and even interstate with QOIN (cryptocurrency)!!!
This new payment option is just one way that Platinum lawyers is striving to serve our clients better.
By embracing new technology Platinum has enabled all prospective buyers and sellers to enter the real estate market and access the benefits that flow from it.
We have outlined the process below for any potential buyers and sellers who are interested in purchasing property with digital currency.
Step One: The first step is to negotiate and agree on a purchase price with the potential seller or buyer.
Step Two: Find a solicitor that will complete the digital currency transaction. Our firm is one of few that have experience in dealing with digital currency property purchasers.
Step Three: The buyer and seller enters into a standard REIQ contract with special conditions which modify the sellers preferred currency. AUD can always be used.
Step Four: The buyer pays the seller a deposit (usually 10% of agreed purchase price) which can be paid in digital currency!
Step Five: If you are the buyer, the following payments will need to be paid in Australian dollars:
- Transfer duty ;
- Title’s office Registration fees;
- Disbursements (i.e. searches and PEXA e Conveyancing fees); and if required;
- Any unpaid rates or body corporate fees;
- Mortgage payouts, will need to be paid in AUD as Australian banks currently do not accept digital currency.
Step Six: On settlement the buyer transfers the remaining amount in digital currency based on the exchange rate equivalent to the AUD price either set at the beginning of the transaction in the contract or equivalent crypto currency as at the date of settlement to the sellers designated wallet.
Step Seven: You now own or have sold a property with digital currency! #happydance
Platinum Law Plan
We are an innovative firm who are reimaging the law of business and property transactions. Many aspects of our daily lives have changed since the corona virus pandemic, and since this our firm has had to re-structure and adapt to this change.
Platinum Lawyers strongly believe that innovation is the key to a successful future!
At Platinum Lawyers we accept 50% QOIN for our professional fees. We may accept other digital currencies in the foreseeable future.
Feel free to call our office on (07) 5519 9811 or book online for a free 10-minute no obligation consultation with our experienced property lawyers.