{"id":22714,"date":"2023-09-18T14:31:08","date_gmt":"2023-09-18T14:31:08","guid":{"rendered":"https:\/\/www.anthonydidonato.net\/wordpress\/?p=22714"},"modified":"2023-09-18T14:31:08","modified_gmt":"2023-09-18T14:31:08","slug":"how-to-protect-your-clients-in-a-crypto-transaction","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/how-to-protect-your-clients-in-a-crypto-transaction\/","title":{"rendered":"How to Protect Your Clients in a Crypto Transaction"},"content":{"rendered":"\n

Digital forms of currency can pose significant risks to both buyers and sellers. Know the safeguards to put in place in case cryptocurrency is ever used in one of your transactions.<\/p>\n\n\n\n

While it\u2019s still rare that buyers use a form of digital currency to purchase real estate, it\u2019s happening in some areas of the country and could become more widespread in the future. Cryptocurrency is a digital payment that uses encryption to secure and verify transactions, allowing purchasers to bypass a bank. Transactions are stored in a digital ledger called a blockchain.<\/p>\n\n\n\n

\u201cDespite recent volatility in the value of cryptocurrencies, the public failure of many crypto firms<\/a>, and the decade-old predictions of imminent collapse, cryptocurrencies appear to be here to stay,\u201d Matt Troiani, senior counsel and director of legal affairs at the National Association of REALTORS\u00ae, says in the latest \u201cWindow to the Law<\/a>\u201d video. More than 420 million people worldwide own cryptocurrency, Troiani adds.<\/p>\n\n\n\n

Nearly a quarter of real estate professionals predicted that blockchain, crypto and smart contracts will play an impactful role in real estate over the next two years, according to NAR\u2019s 2022 Technology Survey<\/a>.<\/p>\n\n\n\n

But the volatility of cryptocurrency can pose risks in a real estate transaction. Troiani cautions that standardized contract forms to purchase real estate do not adequately reflect transaction requirements when crypto is being used. A main concern with cryptocurrency is that it could depreciate in value between the contract and settlement dates. Home buyers who decide to convert cryptocurrency to cash also could face settlement delays, Troiani adds.<\/p>\n\n\n\n

Despite the potential obstacles, Troiani says real estate pros can take several actions to assist and protect their sellers in crypto transactions<\/a>, such as requesting proof of cash funds or providing a lender letter along with the offer that demonstrates the buyer could complete the purchase without cryptocurrency if necessary. Also, listing agents might negotiate a larger earnest deposit from the buyer as a sign of good faith when purchasing the home.<\/p>\n\n\n\n

On the other side of the transaction, buyer\u2019s agents can protect their clients by advising them to convert cryptocurrency to cash prior to submitting an offer or ratifying the contract to avoid a seller\u2019s concerns about currency depreciation prior to closing, Troiani suggests. He also urges real estate pros to connect the buyer with banks, lenders, attorneys and title companies who have knowledge about cryptocurrency in real estate to help ensure a smooth closing.<\/p>\n\n\n\n

\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

Digital forms of currency can pose significant risks to both buyers and sellers. Know the safeguards to put in place in case cryptocurrency is ever used in one of your transactions. While it\u2019s still rare that buyers use a form of digital currency to purchase real estate, it\u2019s happening in some areas of the country … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-22714","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nHow to Protect Your Clients in a Crypto Transaction - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/how-to-protect-your-clients-in-a-crypto-transaction\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/how-to-protect-your-clients-in-a-crypto-transaction\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/how-to-protect-your-clients-in-a-crypto-transaction\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"How to Protect Your Clients in a Crypto Transaction\",\"datePublished\":\"2023-09-18T14:31:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/how-to-protect-your-clients-in-a-crypto-transaction\\\/\"},\"wordCount\":421,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/how-to-protect-your-clients-in-a-crypto-transaction\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/how-to-protect-your-clients-in-a-crypto-transaction\\\/\",\"name\":\"How to Protect Your Clients in a Crypto Transaction - 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