Tampa NFT FAQ

Why is this sale so important?

This NFT sale is important because it is one of the first US Properties that will be sold as an NFT. It is based on US legislation.

Can the property be purchased via a traditional transaction or will it only be sold as an NFT?

No. The property will be sold as an NFT, unless there are no offers. At that point, it will be sold as a traditional transaction.

How will the new owner pay taxes, utility bills, and any other expenses?

The new owner makes all payments as they normally would surrounding property ownership. The HOA is $495/month and covers water, sewer and trash. The owner is responsible for electricity.

Is an NFT equivalent to a title?

In the current legal environment, title deeds cannot be directly represented by a token, but legal entities can. The home is owned by a Delaware Limited Liability Company (LLC). The LLC is “tokenized into” a specific NFT and made available for purchase.

How is ownership transferred?

Each sale of an NFT will effect a complete, self-contained transfer of rights to acquire full membership in the LLC, which owns the property.

Are property taxes required with an NFT sale?

Yes. The taxes involved are in accordance with Florida laws and regulations.

Where is the LLC registered?

Delaware, United States.

What if I sell the NFT?

Selling the NFT is the same as selling one’s rights to be registered as the owner of the SPV holding legal title to the underlying property. The new NFT Owner is required to provide their real name and other personal information to execute the transfer of ownership.

Does NFT trading require the use of the Propy platform?

NFT trading can be done on the Propy Marketplace and other NFT platforms. Property ownership is not dependent on Propy’s operations. The LLC will continue to exist even if Propy is ever liquidated. The LLC owner has the ability to fully control the LLC and the underlying property. The NFT owner has the right to demand the passage of ownership rights even in the absence of Propy. This right is enforceable in Florida court.

Is there a refund policy?

There is no refund policy technically integrated into the NFT of the property.

Can I sell the property via traditional real estate sales methods in the future?

You cannot sell the apartment in both the traditional way and via an NFT. If you’d like to sell it traditionally in the future, then Propy will help you to burn the NFT.

Do I need to pay for the property in cryptocurrency?

Yes, because the sale is being run on Propy NFT platform that accepts cryptocurrency.

Why are you charging a 20 PRO Token Service Fee to make an offer?

The service fee covers the cost of the KYC (Know Your Customer) verification and accessing the NFT marketplace.While you will not have to complete a KYC form every time you make an offer on a property, you will need to pay a service fee each time you decide to participate in one of our NFT sales.

Where can I purchase PRO Tokens?

Here’s where you can purchase them. Propy also offers tokens for completing tasks on the company’s platform. To begin earning tokens, simply create an account on propy.com.

Do I need to use Propy to sell the property in the future?

No, but you will need to find a platform that can support NFT/Blockchain transactions.

Why is Propy doing this?

Propy is committed to supporting innovative self-driving transactions that utilize the security of blockchain. Selling a property as an NFT is an exciting new property-sale use-case that will initiate a wave of RE NFT sales and will make them available as collateral for crypto borrowers and investors. In fact, Propy has several other US properties scheduled to be sold via NFT later this year.

I want to sell a property via NFT? Are there any requirements to do so?

Since an NFT is technically a “collectible,” an NFT property should be in high demand or unique in some way – structure, location, artwork, historical relevance, price – similar to the property that we are currently selling.

How quickly can I move into the property after purchasing it?

In theory, You may move into the property immediately after the transaction is completed.

Can I view the property in person before making an offer on it?

You can view a live virtual tour on our landing page. There is a live open house scheduled this Saturday, April 2nd from 11-2:00pm. You can also visit the property in person by contacting the Listing Agent, Taylor Parino, Propy Crypto Certified Agent.

Does the transaction require title insurance?

No. Proof of ownership will be provided to whitelisted candidates prior to the sale.

Can I view any inspections or disclosures for the property?

Inspections and disclosures will be provided to whitelisted candidates upon request.

What is the property currently appraised at?

We estimate the property price to be a minimum of $185,000 USD. Access to comparables will be provided to whitelisted candidates on.

How do I get keys to the property?

Once the transaction is completed, the current property owner will provide the keys.

Why did you decide to use USDC vs. Ethereum or another coin?

Propy did extensive research and received feedback from the crypto community as to which token to use for future sales. USDC was selected due to its stability to the U.S. dollar, as well as the backing the project has from investors and the industry.

USDC is considered a “stablecoin” and is “pegged” to the U.S. Dollar, so it doesn’t have the volatility of other cryptocurrencies. 1 USDC will always equal $1. The starting prices will be 185,000 USDC ($185,000).

What is the Propy Marketplace?

The Propy Marketplace will enable Propy to list and help sell future real property NFT’s directly from our platform. A demo and screenshots of the new marketplace will be available shortly.

If Propy is ever sold or liquidated, the transaction participants will have private keys to all their documents forever. All files are stored on decentralized IPFS storage.

If a buyer loses a private key, they can reach out to agents to access the necessary transaction documents. For the time being Propy will always be able to identify the user and provide the transaction data upon request if passwords or private keys are lost. There will not be a case where ownership is locked into a digital wallet with a single access to a private key, which could be lost together with ownership.