Wahid is excited to announce a brand new partnership with Creator Group. Having years of experience in the real estate and property management sectors, The Creators Group can look forward to enjoying a number of benefits that blockchain can bring to the industry.
Founded by CEO M. Ali Al Salman in Riyadh, Saudi Arabia in 2016 Creators Group has established itself as a leader in both the local and overseas markets. The Creator Group serves the interests of investors, homeowners, corporate clients, developers and realtors, and simplifies the investment activities of all those looking to get involved in real estate.
Creator Group provides the following services to clients in Saudi Arabia and abroad
- Buying and selling of land and property
- Commercial and residential rentals and leases
- Feasibility studies
- Project development
- Real estate brokerage
- Guidance and investment opportunities
- Real estate valuation
WAHED is a next generation investment and philanthropy platform powered by WAHED Coin. Based in the United Kingdom and chaired by Sheikh Abdullah bin Ahmed bin Salman Al Khalifa, Wahed has a vision of improving the world by nurturing business activities. By acting as an investment and blockchain partner, WAHED aims to bring all the benefits of a decentralized economy to companies seeking to deliver value on a larger scale and with improved efficiency.
How will the partnership bring value?
The WAHED ecosystem is built on the Binance Smart Chain, an innovative blockchain that enables the deployment of smart contracts. By being able to program actions on a permanent blockchain and display to the public, it will be possible to implement greater transparency and accountability in all activities.
Transparency and efficiency in operations
The proximity of the real estate world to existing legal and governmental frameworks makes drafting contracts and obligations a critical and cost-intensive process. Blockchains and smart contracts can significantly reduce costs through the use of models that can be adapted to the requirements of the end user. Thanks to this innovation, the entire spectrum of operations will benefit from increased efficiencies and lower recurring costs.
Transparency in transactions
With a permanent blockchain ledger, all parties involved in a transaction will be aware of the requirements, costs, and procedures to ensure that the transaction is completed efficiently. The use of smart contracts in calculating costs such as travel time, office supplies, legal counsel, and auction bids can clarify requirements for each interested party, resulting in significant savings in time and money.
Transparency in commitments
When the property passes from one owner to another, they may be terms that affect the terms of the sale. These obligations may include modifications to comply with legal requirements such as material quality and fire safety, or aspects related to design and/or function. An immutable recording of these requirements on a smart contract that is executed when the conditions are met would be a huge time saver.
Agent and broker commissions can range from 1%-6% of the transaction cost. While there may be significant costs that result in higher fees, the lack of transparency can affect buyer confidence. Blockchain enables trustless transactions and the ability to reduce the number of intermediaries. End users can enjoy faster response times and lower fees.
Permanent records of ownership and property rights
Blockchains are ideal for showing property ownership. These permanent and tamper-proof records can be updated when assets change, and further details such as the stipulation of commercial rights and use for a specific plot of land can also be added. Due diligence, property registration in the Federal Registration Service, and notary payments will all occur on the blockchain, and fees will be included as part of the package of services.
The partnership between the Creators Group and WAHED aims to provide a set of benefits that will undoubtedly enhance the experience of end users and save costs. By using the blockchain as a tool to promote efficiency and transparency, WAHED aims to raise the bar in how businesses are run and how lives are improved.