by 0xd0b4dc43a98b3cb790c5a6748d680e1054de51bc (Ry#51bc)
I am looking for a smart contract that allows the sale of land over a period of payments. For instance, I own a piece that I am looking to sell for 12,000 mana. I have made an agreement to sell it for 1,000 mana per month for 12 months. During the 12 months, as long as payments have been made, the buyer can be the operator of the land and once the final payment is made they receive the transfer. If they miss a payment or two (subjective), the land stays with me. This is already done in the real world and I think it will open up land purchases to people who dont have all the capital up front while also incentivizing investors like my self. Has anyone seen this or have any guidance on creating it?
Escrow for land transfers, sound reasonable to me.
I think that enforcement would have to be handled by some sort of escrow entity for the actual transfer of the asset/mana. During the escrow period, the buyer could be given management rights to the land parcel by the current owner. If, by the end of the escrow period, the total purchase price has not been met, the assets are returned to their original owners.