More and more people are using cryptocurrencies – a digital or virtual currency – and want to use those funds for real estate closings. This is a relatively recent form of discovery that has only just begun to be recognized. Many find that it is nearly impossible to counterfeit or double-spend, making it a much safer form of currency. Chief among them are Bitcoin and Ethereum.

A few things to be aware of when deciding to use or accept cryptocurrencies as a form of payment during a real estate closing include hackers accessing funds or holding them for ransom. In addition, since cryptocurrencies are sent as a direct payment, making them unretrievable, you must be aware of the additional risk and liability involved with a cryptocurrency transaction. For instance, the deed and settlement need to be timed for simultaneous delivery—that way, the deed isn’t conveyed without payment receipt and vice versa.

As a relatively recent form of currency, most financial institutes, real estate professionals, and government agencies do not accept cryptocurrencies, hindering tax payments, loan payoffs, commissions, and deed recordings. As the buyer, you assume any liens that were not resolved before the transfer of title.

On the other hand, there are several benefits to using cryptocurrency. These forms of currency are not generally not issued by any central authority, which limits government interference. You will also have a higher level of privacy, and international transactions are more straightforward and offer more flexibility.

Licensed Florida attornies founded Fleet Title to bring high-quality, fast, and efficient title services to the residential and commercial real estate markets throughout the State of Florida. Our attorneys have closed real estate transactions for over 25 years. At Fleet Title, you will benefit from our experienced attorneys at the cost of a title agent. To learn more about the services offered, visit fleettitle.com, call (772) 224-3338, or email them at info@fleettitle.com.