The governance of the property is defined in the legal agreement linked to the NFT through the
operatingAgreement property, which represents the legal firmware of the property.
Different operating agreements can be used to map NFTs in different geographies, using legal wrappers that are best suited to enable interoperability in the specific legal jurisdiction.
Different operating agreements in the same geography can also be used to implement different sets of functionalities. Example: a complex holding entity might might be needed for a large commercial real estate development while simpler holding entities will be less expensive and work perfectly for residential properties with a simpler governance.
The Operating Agreement is set at minting time for each property and requires possession of more than 75% of the outstanding tokens to be updated after mint.
The Operating Agreement shall be stored on a decentralized storage (such as IPFS or Arweave), preferably in markdown format.
Updated 10 months ago