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Introduction

SmartCrow is an easy-to-use smart contract tool to create a real estate digital escrow. It is designed for real estate professionals and their clients to help facilitate real estate transactions by using blockchain technology, smart contracts, and cryptocurrency.

How It Works​

SmartCrow helps you create a smart contract with a few simple steps:

  • Add the home address
  • Add a future start date and end date of the contract
  • Add the home's future, anticipated sales price (optional)
  • Add your client’s crypto wallet id
  • Fund the contract with crypto from your wallet id

If the home records the close of escrow within the specified dates (and meets the optional sale price), then the contract executes and crypto is sent to your client. If the terms of the contract are not met, the crypto is returned to you.

Do you have more details of how it works?​

Yes. SmartCrow is an easy-to-use website that allows you to create a smart contract using blockchain technology. You or your clients can create smart contracts to help facilitate a real estate transaction.

The SmartCrow smart contract is a simple one. It works like a traditional escrow, where funds disburse once your home sale closes and the new grant deed is recorded. However, the smart contract is different because it is digital and executes autonomously without the need of third parties.

To create a SmartCrow smart contract, input the following fields into the website:

  • Home address
  • Start date (the contract's start date)
  • End date (the home's future COE/new grant deed needs to perform before the contract's end date)
  • The future anticipated sales price of the home (optional)
  • Amount of funds held in the contract to be disbursed
  • The wallet address of the person funding the contract (Sender)
  • The wallet address of the person who will receive funds from the contract (Receiver)

After you or your clients create a smart contract, the contract will execute once new home data is received from the county records. Like a traditional escrow, funds will disburse once your home sale has closed and a new grant deed recorded. The grant deed is the legal document from the county showing there are new owners.

The smart contract receives grant deed information directly from the local county recording office and can execute in two ways:

  1. If a new grant deed is recorded between the start date and the end date (and meets the optional sales price), then it executes and funds are disbursed to the Receiver.

  2. If a new grant deed is not recorded between the start date and the end date (or does not meet the optional sales price), then it executes and funds are returned to the Sender.

Do you have some use case examples?​

In light of recent NAR and brokerage lawsuits and settlements, a use case could be a client using SmartCrow to compensate their buyer agent.

Some other examples:

  • A broker uses SmartCrow for in-office agent bonuses when a home closes.
  • An agent uses SmartCrow to pay vendors at COE, like a stager.
  • Your sellers are very motivated and offer you anadditional bonus, if their home closes in 45 days and meets a sales price. The sellers use SmartCrow to build and fund a smart contract with your bonus.
  • The real estate professional helps facilitate SmartCrow use between their buyers and sellers.