Important Notes

  • For properties in the "operating agreement" structure, just like when selling your property in real life, we cannot guarantee you will be able to buy back your property tokens. However, if you do want to get back 100% equity of your property you can sell the property to yourself at fair market value, therefore paying out all other IRET holders and returning full equity to yourself.

  • Counterparty risk - Even though there will always be at least a small amount of counterparty risk, we will be using several instruments to prevent this. Voluntary liens on the property to ensure that a sale cannot happen without paying out the IRET holders, right of first refusal so that a property is not sold below fair market value, and keeping track municipal of public property records showing transfer of titles.

  • The terms "property owner" "token issuer" and "IRET issuer" are all interchangeable and synonymous throughout this document for simplicity.

  • Please note that some of the previous sections might evolve and grow, but the core design will remain.

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