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Closing Period
Funds are held in escrow during the 35 day duration during which a home offering is live. If the home is successfully sold out, the transaction goes through and Homebase begins managing the property. If the home doesn’t sell out, funds are refunded to the original wallet in which the funds were received from.
After closing of the escrow period and successful sell out, here are the major milestones you should look out for:
- The property will be marketed and the tenant will be placed.
- First month’s rent should be processed on the 15th of every month starting in the month after the purchase is closed.
- Updates will come out on a monthly basis regarding any changes with the tenant or the property.
- In Q1 of the following year, we will distribute tax paperwork for ownership.
- The lockout period will end one year after closing and completion of paperwork. This will be made clear to all investors. This will allow you to redeem your NFT at the proportional value of the property’s fair market value.