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Edit: The pdf would be accessible anytime. It's free to read the state of the contract anytime. In the event of default, the pdf would be automatically execute
by jasonlaramburu 9y ago
Edit:
The pdf would be accessible anytime. It's free to read the state of the contract anytime. In the event of default, the pdf would be automatically executed and delivered to the parties. I'm not familiar with the notary requirements for a deed, but there are plenty of online notaries (you submit a picture of yourself and your ID). Also doesn't Opendoor already process deeds completely online?
Again, I think you do not have a clear technical understanding how smart contracts work. You can view the state of a contract for free at any time(unless otherwise specified). You can also validate the deployed contract against open source code. So yes, if you (or your lawyer) can’t understand solidity code you would need to pay someone to review it for you, but that seems surmountable.
Furthermore, a lender cannot easily trade or liquidate a mortgage without losing significant value. Foreclosures/short sales typically undervalue properties.
- dragonwriter 9y agoIt's not the code that is the issue, but the PDF documentation which is only made available after default. Knowing the code will correctly deliver the document doesn't do me any good if I can't verify its a legally adequate document. (Of course, the fact that a PDF will likely not meet the signed and notarized original requirement for property transfer is another issue.)
- jasonlaramburu 9y agoThe pdf would be accessible anytime. It's free to read the state of a smart contract anytime. In the event of default, the pdf would be automatically executed and delivered to the parties. I'm not familiar with the notary requirements for a deed, but there are plenty of online notaries (you submit a picture of yourself and your ID). Also doesn't Opendoor already process deeds completely online?