Until now... a buyers ability to purchase real estate with Bitcoin wasn't an option, regardless of the broker or seller.
Philadelphia, PA (PRWEB) February 20, 2014
Vista Abstract, a Philadelphia based, multi-state title company specializing in residential and commercial real estate purchase transactions, has become the first to accept Bitcoin for the purchase of real estate.
Though there have been several real estate brokers and even sellers that have announced their acceptance of the popular digital currency, a broker or seller’s willingness to take Bitcoin still does not give the buyer the ability to pay with Bitcoin.
“For a buyer to understand how and where they can purchase real estate with Bitcoin, they must understand some basics about the system for real property transactions in the US”, says Matt Einheber of Vista Abstract. “A title company insures any real estate purchase and receives and disburses all of the money involved. Real estate brokers only receive commissions from the title company, so a broker saying they will accept Bitcoins can’t really do that without a title company willing to do the same.”
“Until now, that wasn’t available and therefore a buyers ability to purchase real estate with Bitcoins wasn’t an option, regardless of the broker or seller.”
Bitcoin is a form of digital currency that allows the transfer of money from ‘peer-to-peer’ as opposed to traditional transactions that use a bank as a middle man and holder of money. Bitcoin transactions do not carry fees for merchants or consumers like credit card and other bank transactions and rely on a group of independent servers to log the history of that coin for authenticity.
Vista Abstract does business in multiple states and with any real estate broker or seller which makes this groundbreaking news both in the world of Bitcoin transactions and real estate. Vista will soon release a web platform for consumers to learn more about what’s involved in a Bitcoin transaction and to shop for property throughout the United States. Buyers who wish to buy property with Bitcoin can now contact Vista through their current website.
Einheber says, “Crypto-currency, whether it’s Bitcoin, Litecoin or something that isn’t out yet, has too many positive qualities and solves too many problems to be ignored. People should really learn how it works and why it may be a big part of our lives in the near future.”
Vista Abstract is a multi-state title and real estate transaction company. For more information, visit http://www.vistaabstract.com.