Theopetra Network State will publicly release the property manager contract and 'Forever Lease' in Q1 2024 to align with community partners and residents. The goal of the leases is to remain valid for 99 years and will remain unchanged during that time period.
Long-Term Stability: The primary goal is to establish a predictable environment for rental payments and repair processes for the next 100 years.
Management Selection: Prior to closing escrow on a property, a verified property management company must be chosen. This is a required element of the underwriting packet. The real estate agent involved in the transaction can also serve as the property manager.
99-Year Contracts: To ensure consistent and professional management, contracts with property management companies are set for 99 years. This ensures a long-term, licensed, and verified entity is responsible for the property for the long haul.
Open Sourced Contract: The contract template will be made open source in Q1 of 2024 for transparency and standardization.
Contingency Plan: In case a property management company goes bankrupt or ceases operations, the contract will be reassigned to another company, chosen by the citizens or Theopetra Network State admin team, depending on which decentralization stage the Network State is in.
Rental Payments Process:
Initial Setup: Upon signing a lease, residents provide their Ethereum Address. Rent is paid in US Dollars or the agreed-upon currency.
Currency Conversion: The property management company will allocate a portion of the rent to the management treasury and convert the remaining US Dollars to $THEO and then to $YIMBY. Every property will have these amounts stated in the agreement, which will be provided in the closing packet. Property managers are trusted with this process because of their implied alignment with the US Law.
Future Payments for Residents: As a step for decentralization, residents can pay directly on chain into a splitter contract, which will subtract expenses, swap the remaining payment for $THEO, and return it to the resident as $YIMBY