4 ms·
The underlying contract stipulates a change of ownership. For this change of ownership to have legal effects (iow, to actually happen), it needs to be register
by lottin 4y ago
The underlying contract stipulates a change of ownership. For this change of ownership to have legal effects (iow, to actually happen), it needs to be registered at the Land Registry. Transferring an NFT does not magically result in a change of ownership being registered at the LR, so it's unclear what it actually accomplishes.
- leashless 4y agoWhat's exchanged on chain is an option agreement. When the option is exercised, the SPV which actually owns the land transfers the title on the national register. There's a liability framework in place to make sure they do, and stamp duty etc. are paid when the NFT is transferred: that's where the interest is transferred.