Real Estate Assets

Real Estate Assets

Real Estate assets are ownable in the form of NFTs for specific components of a real estate asset. Ownership of an NFT confers usage rights to the owner.

Property Title

NFTs existing on a Land Parcel (including the Land Parcel itself) can be bundled into a Titleholder NFT. The IRL property title for the physical assets represented by the Titleholder NFT is recorded with the Recording Office in which the Land Parcel is located. The Titleholder Proxy operating within the jurisdiction of the Recording Office becomes the registered property titleholder. See here for more discussion on Titleholder Proxies.

Eminent Domain

Eminent domain powers are to be eschewed for Real Estate assets, in favour of repurchasing rights, perhaps at a pre-established multiple (markup) of market value, or of the original purchase price in the absence of a liquid market.

Land Parcels

Physical land within each community is tokenized as tradeable ERC-721 NFTs. Land Parcels will exist within zones established by the community upon its foundation via the Master Plan.

Purchasing a Land Parcel NFT grants you Landholder status. Landholders may:

• Build on their land or collect taxes for productive activities by others on their land.

• Use their land as collateral for loans

• Earn PLANO for the behaviors outlined in the Governance section.

• Sell or trade their land via online exchanges where tokenized real estate is traded.

• Fractionalize their ownership and sell fractions within the Marketplace.

All land is subject to Land Value Tax, which will incentivize owners to use their land rather than simply hold it. If the Landholder does not pay taxes, the land will eventually be foreclosed, and after a period, auctioned by the Council to recover taxes, before returning remaining funds to the owner.

Build Sites

All Land Parcels contain Build Sites, which are assigned permissions for the construction of a physical building.

A Build Site may define either :

• a particular geographic portion of land where buildings may be constructed

• or it may specify a maximum footprint for all buildings erected on the site.

Each Build Site is pre authorized for the construction of specific Blueprints based on the zoning of the Land Parcel. Alterations are managed by the Planning dApp.

Build Sites cannot be sold independently of Land Parcels. However, Build Sites can be leased to others who wish to construct a building that they will in turn own separately from the owner of the Build Site.

Build Sites may also be altered via the sale or acquisition of permissions that will alter the permitted use of a Land Parcel.

Permission for construction on a Build Site are granted with local on-ground authorities via the Council dApp.

Blueprints

Blueprints are design documents for a structure that can be erected on a Build Site. Each Blueprint NFT specifies the types of Build Sites where they may be used. Construction of buildings is possible by the owner of a Blueprint ERC-1155 NFT.

Blueprints are minted as tradable NFTs by the Planning dApp. Anyone can submit Blueprints for minting consideration. The Build Permit Proxy (or similar structure provided by the community) is utilized to obtain required IRL permits from local government authorities.

Blueprint creators are awarded PLAYA tokens when their Blueprints are utilized in construction of in-ground assets

Buildings

Buildings may be erected on Build Sites. Construction must be inline with the Blueprints minted for the Build Site. Following certification by the Community of a completed building, Building NFTs are minted and awarded to the building owner.

Building NFTs :

• Use the ERC-721 standard

• Are tradeable via global exchanges trading NFTs

• Can be sold independently of the land on which they reside.

• Buildings are not subject to taxation unless the community votes to enact a tax