Browsing through Utah real estate listings today I noticed a few homes advertising Bitcoin as a payment option. My first reaction was how and why would anyone buy a home with Bitcoin. However, using crypto to purchase real estate seems to be making its way as a norm.
My first thoughts when I saw these listings were how does one go about buying a home with Bitcoin? How are the buyer’s funds protected prior to recording, and who is in charge of making it all happen smoothly?
Traditionally in real estate, there is a 3rd party escrow/title company in charge of transferring funds and recording deeds. With Bitcoin, it appears that the buyer and seller utilize digital wallets such as bitpay to transfer funds. While it appears that they have checks and balances in place to ensure smooth transactions, it’s important for buyers and sellers to take precautions when engaging in these types of transactions.
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