Purchase Agreement NFT

Purchase Agreement NFTs offer proof of a right to become the titleholder to a property provided conditions of the contract are met.

A seller can offer an asset (e.g., a unit or building) for sale before it has been built or before it has obtained a property title. Such a sale is managed by a Purchase Agreement NFT, whose metadata will contain:

• a reference to a contract detailing the transfer of title, occupation and usage rights by buyer and seller, and other details pertinent to the sale of the asset. This contract is stored in a decentralized file store; and

• a Title Search NFT (that also contains a reference to the Deed NFT).

If a title for the asset does not exist, because the property is in construction and being sold in advance of title, then the following details are included in place of the Title Search NFT:

• construction documents that details the construction of a specific building on a specific site with a specific build permit to the satisfaction of the buyer;

• a budget for construction (possibly an approximate depending on the agreement terms);

• details of how the construction is to be completed; and

• a schedule for delivery of the title.