Can you buy your property in BITCOIN? (cryptocurrency)
With the health and economic crisis and the advance of its chain, bitcoin has shown itself as THE new investment while beating a new price record.
Will you be able to buy your house or apartment in bitcoins?
The President of the 117th Congress of Notaries of France, Olivier Herrnberger, looked into this question. "Conceptually nothing is impossible. The fact of not liquidating them will save you the problem of the flat tax, "says Olivier Herrberger. But obviously, there are rules.
The seller must agree
"It's not legal tender, you can't impose this means of payment on it." Then comes the subject of the value of the property. "The house you will agree on a price that is a nominal debt that you will pay with an asset that undergoes a price such as a portfolio of shares for example. I
There can therefore be a discrepancy between the price we set when we agree and the value that the crypto asset will have when we sign a few months later, "says Olivier Herrnberger.
While adding: "The contract must organize this possible loss or increase in value. Who takes the risk? Do we interrupt the contract? Is it your bank loan that will vary according to your personal contribution?"
The problem of payment mechanics
A problem arises, since in general, with the classic transaction of a property it is the keys against the money in the same place at the same time, at the notary.
With bitcoin the transaction is more complicated. Either the bitcoins are handed over first and then the ownership is transferred and handed over and the buyers are at risk. Either the exchange is done in the opposite way and it is the notary who is at risk. A slightly heavier process is therefore to be organized.
- With the health and economic crisis and the advance of its chain, bitcoin has shown itself as THE new investment while beating a new price record.
- The President of the 117th Congress of Notaries of France, Olivier Herrnberger, addressed this question.
- A problem arises, since in general, with the classic transaction of a property it is the keys against the money in the same place at the same time, at the notary.
You want to
to sell in Paris or its surroundings ?
Posted on 20/10/2021 by
Andy LECUYER
