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How do I tokenize my rental agreement?
If you are a property owner, these are the steps you must follow to tokenize your rental agreement.
Remember! You can complete the entire procedure online, but we recommend that you notify your tenant beforehand by telephone, since he/she will have to accept your invitation and fill in personal information (See guide "I am a Tenant: step by step").
Log in with the Owner profile and enter your e-mail address. In a few seconds you will receive the verification link in your inbox.
Once inside the platform you will find three sections: My Contracts, Marketplace and My Wallet. To start tokenizing your rental contract, you must do it from My Contracts.
You can click on Create your first NFT or Create NFT to start the process.
Remember that you must have the required documentation: DNI or NIE. Then, optionally (in case you have it), you can include the rental contract and the non-payment insurance, if you already have it.
As an owner you will have to complete 4 steps: Property details, Your details, Invite your tenant and Attach documents.
In this first step you will be asked for the details of the rental contract to be tokenized: start date, total duration, price.
In addition, you are asked to fill in certain data of the property. On the one hand, in the "Street" section you will be able to include where the property is located, but remember that this will be public information in the NFT.
On the other hand, the complementary data (where you can detail, for example, the exact number, the floor and the portal) will be private information. Finally, you must fill in the zip code and the Province.
On the right side you can see a calculator. There, once you have filled in the rental contract data, you must select the total time you wish to tokenize (e.g. 1 year, 6 months... the maximum is 2 years).
From this information, you will be informed of the premium to be paid for the tokenization and guarantee of the rental contract.
You must include your name and surname, and the modality in which you wish to receive the payment of your rents.
You can select bank account, indicating your IBAN, or select crypto. If you select IBAN, your annuities will be deposited in your bank account in the traditional way. On the other hand, if you select crypto, the payment will be made in your wallet.
The payment method you select to collect your rents is independent of the method chosen by the tenant. You will always be paid as you choose.
En el caso que desees cobrar tus rentas en cripto, deberás indicar a qué wallet debemos hacer el pago.
Por eso, en esta instancia se te solicitará conectar tu wallet y una vez aceptada la conexión, se rellenará la address de forma automática. Aclaración: deberás estar sobre la blockchain de Polygon para conectarte de forma correcta.
In case you wish to collect your rents in crypto, you must indicate to which wallet the payment should be made.
Therefore, in this instance you will be asked to connect your wallet and once the connection is accepted, the address will be filled automatically. Note: you must be on the Polygon blockchain to connect correctly.
This is the stage in which you invite your tenants and guarantors, if any. If there are several tenants, you must add them one by one and send them the invitation.
If you have a guarantor (one or more), you must follow the same procedure.
Keep in mind that it is possible that after we perform the tenant profile analysis, a guarantor may be required. It will depend on your tenant's ability to pay.
By clicking on the button "new tenant" and "new guarantor" respectively, the invitations will be generated. We will ask you for their first name, last name and an email address.
Each of them will receive an invitation that they must accept, where they are informed about the tokenization of the contract. In addition, they must include personal documentation (See guide "I am a tenant: step by step" and "I am a guarantor: step by step"). Once sent, you will also have the option to share this invitation by another means of contact, such as Whatsapp, RRSS or whatever you prefer, by pressing on "copy to clipboard".
The last step you will have to complete is to upload the requested documentation.
- Front and back of the ID card.
- Rental contract (when you have it).
- Other documents: for example, guarantee of non-payment, extension of the contract, etc.
At the top of your contract you will be able to see the updates:
- Invitation sent to tenant
- Tenant pending approval
- Property pending approval
- Creating NFT
When your tenant is validated and all your property information is correct, you can request to create the NFT.
By going to Edit, you will be able to view all the steps already completed and in step 4, REQUEST the creation of the NFT (bottom right button).
After validating all the information your contract will be tokenized.
In addition, at this stage an illustrative image of a property will be included in your contract. Obviously it will not be an image of your property, but it will come from an image bank to give more visual quality to the NFT.
Once your contract has been tokenized you will be able to see in the "My Contracts" section all the information you have shared.
Also, in the "My Portfolio" section you can view your NFT. Clicking on the VIEW button will open the details of your NFT and everything you can now do with it: collect your rent, auction it, split it, etc.
Remember! In the "My contracts" section, you will see the contracts you have tokenized as owner, while in "My portfolio" you will see the contracts you currently hold, whether they are yours or purchased through the Marketplace.