Property Token Process and Legal Binding

Property tokens and token holders legal rights.

Elevex adopts a groundbreaking protocol that integrates legally binding documents with property tokens on the blockchain, providing real estate buyers with both ownership and enforceable legal rights.

Token Issuance and Document Creation

Each time a property token is minted, a legally binding corporate resolution document is simultaneously created. This document is critical as it outlines the financial responsibilities of the issuer to the token holders. Key elements included in this document are:

Project Creator's Company Details:

• Company Name: [Company Name]

• Address: [Company Address]

• Registration Number: [Registration Number]

• Tax Number: [Tax Number]

• Represented by: [Representative Name]

• Created on: [Creation Date]

• Title Deed Document: [Title deed document]

Property & Project Token Details:

• Real estate property address and country: [Property Address], [Country]

• Real estate property type and purpose: [Property Type], [Property Purpose]

• Public address of digital token smart contract: [Token Smart Contract Address]

• Total emission of digital tokens: [Total Emission of Tokens]

• Revenue share for single digital token: [Revenue Share per Token]

• Percentage of revenues (royalties): [Percentage of Revenues]

• Buyback threshold: [Buyback Threshold]

• Governance proposal approval quorum (%): [Governance Proposal Approval Quorum]

• Token vote weight: [Token Vote Weight]

• Token Holder proposal creation (Yes/No): [Token Holder Proposal Creation]

• Minimum token required to create proposal (Optional): [Minimum Tokens Required]

• Project type Description: [Project Type Description]

• Project URL: [Project URL]

(Legal Contract Template available upon request.)

Upon completion, the document will be minted into the project's token smart contract and made accessible via the launchpad to token holders. Once minted, the document becomes immutable, ensuring that it cannot be altered. Any new versions of the document will require approval from token holders and will be transparently recorded on the smart contract for verification. This process guarantees that all document versions will remain permanently accessible and verifiable directly through the project's smart contract.

Linking Document to Property Token Smart Contract

A unique hash is embedded into the property token’s smart contract. This incorporation forms a verifiable and immutable link between the token and its corresponding legal document. The smart contract acts as the backbone of the token's traceability and legal grounding. For further details on the smart contract specifics, please visit our Smart Contract Details page.

Official Notary Signing & Registration with the Relevant Land Registry Department

The corporate resolution document established between the project creators and token holders is officially signed and registered with a local notary. Following the signing, the property is also registered with the official land registry department in the respective country or union where the property is located. This dual registration enables token holders to verify the authenticity and accuracy of the property ownership and project creators' information through both the smart contract and local registries.

Legal Protections and Participant Safeguards

By embedding the legal document within the smart contract, Elevex provides token holders with robust legal protections. In cases where the property issuer does not fulfill their obligations, token holders have the necessary legal backing to pursue remedies in court. This alignment not only secures their purchase but also solidifies the legal framework supporting blockchain-based property transactions.

This protocol marks a significant advancement in how property purchases are approached, ensuring that participants are not just buying into properties but are also well-protected legally on the blockchain platform.