Topic: How would buying property play out with crypto? - page 2. (Read 3837 times)
It will just give hard time and headaches. Why dont you just exchange your bitcoin into cash? Theres so many exchangeer in the internet. You should use one to exchange your bitcoins. Its too much hassle if you hire lawyer and bitcoin expert for consultations. That will cost you huge. You can do everything with cash.
How would buying property play out with crypto? as in would you need a specialist crypto lawyer to complete the transaction? what if the person you buy property from is terrible on secuirty and 1 day later they get hacked can they come after you saying you sent them fake payment or some BS..
I hope it is possible if you pay taxes on it definitely you can buy property with crypto, but at the same time the owner property also should ready to accept payment in the form of crypto. While transferring it should be done in between the lawyers after getting confirmation from both parties, the property owner should sign it on the documents. It would be good if you go with lawyers when buying property with crypto's.
How would buying property play out with crypto? as in would you need a specialist crypto lawyer to complete the transaction? what if the person you buy property from is terrible on secuirty and 1 day later they get hacked can they come after you saying you sent them fake payment or some BS..
Purchasing real property with crypto-currency is possible and legal.
At the time of property purchase, the bitcoin will be converted into fiat for government records.
Taxes and any other fees will need to be paid in fiat as normally, on that converted amount.
Also, when a bitcoin-holder converts to fiat for the property purchase, they will need to pay taxes
on any gains from those bitcoin the purchaser is using. (Since btc can be capital gains.)
In theory you do not need a special crypto lawyer for this, if the buyer and seller both agree on buy/sell
with crypto-currency. But, it would be smart to follow normal standards and have an independent escrow
agent hold your coins and transfer them to the property seller after everything checks out, to alleviate
any complications. (Maybe a crypto-lawyer could perform the escrow.)
In short, do everything you would do normally, but substitute for bitcoin converted into fiat.
EDIT: This is not legal advice nor a legal opinion and the OP is aware that they should seek council with
a licensed attorney within their jurisdiction, prior to taking any action.
How would buying property play out with crypto? as in would you need a specialist crypto lawyer to complete the transaction? what if the person you buy property from is terrible on secuirty and 1 day later they get hacked can they come after you saying you sent them fake payment or some BS..
I think it would be a risk,, should be prior consultation with experts in the field
How would buying property play out with crypto? as in would you need a specialist crypto lawyer to complete the transaction? what if the person you buy property from is terrible on secuirty and 1 day later they get hacked can they come after you saying you sent them fake payment or some BS..
Jump to: