The User Experience
Creating a phenomenal buyer experience is critical at Homebase. We built our website and protocols to make it as user friendly as possible while still giving people full control of their assets if they so choose to take them off platform. To buy fractional shares of a home or participate in an initial home offering, users must go through the following steps:
Create an Account
Participate in Home Offering
Receive Home Tokens (or NFTs)
Collect Monthly Rental Distribution
Buy and Sell Home NFTs via Homebase platform
1. Create an Account
To begin buying partial real estate ownership through Homebase, users must first create an account on Homebase. In the account creation process , users will be asked to KYC, which is a legal requirement Homebase has to follow to comply with SEC securities regulation, and share whether they are an accredited or non-accredited investor. If accredited, additional information will be requested to prove accreditation status. In addition, users will be asked to link their Solana wallet which will be the wallet used to receive real estate NFTs of the property that is purchased.
2. Participate in Home Offering
Homebase will periodically have home offerings available on the platform to invest in and each will have a limited time in which users can invest (typically last 30-35 days). All available data of the property will be showcased, including legal documentation, photos of the property, financial projections, etc. To participate in the offering, users can decide how many tokens of the property that they would like to purchase and complete the transaction on the platform. All transactions are done via USDC, a digitally-native coin pegged to the United States dollar one-to-one (meaning each USDC is worth 1 U.S. Dollar). During the home offering period, any funds committed to the purchase of the property will be held in an escrow account until the total amount of funds are collected to completely fund the purchase of the home.
Alternatively, if the total committed capital for the property doesn’t meet the requirement to fully fund the home after the offering period, the transaction doesn’t go through and previously committed funds are returned to investors.
3. Receive Property NFT
After the home is completely funded, the transaction goes through and all buyers receive the property NFTs directly in their Solana wallet.
4. Collect Monthly Rental Distribution
Every month on the 15th, Homebase will disburse rent to all NFT holders based on their relative percent homeownership compared to the entire supply. Claiming rent can be done by logging into a user’s Homebase account, navigating to the dashboard, and clicking “claim rent” for a given property. All rental disbursements will be made in USDC and will be sent to the Solana wallet linked to user’s account.
5. Buy and Sell Home NFTs via Homebase platform
If a user decides that they want to sell their property NFTs, they will have the ability to initiate a sell order on our platform honored at fair market value at the time of the sale. Sales take 4 days to process, after which a seller will receive the fair market value of shares sold in USDC sent directly to the linked Solana wallet. Any sold NFTs will be available for repurchase on our platform at fair market value.
Behind the Scenes of Your Investment
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