The new FRZL ERC20 (Ethereum) token was minted on 3/1/2021.
Max Supply: 100B / Issued: 5,000,000 (Held For Issuance)
Etherscan Information Link / Smart Contract Audit
WhitePaper Specification / WhitePaper Drawings
Method and System for Engaging and Coordinating Real Estate Transactions from Contact to Contract
Field of Invention
The technology relates generally to a method and system which manages the home buying/selling and renting/leasing processes to negotiate, prepare and effect legal contracts and disclosures. It includes a system and method for data collection, preparation, delivery and storage of relevant documentation, and the data contained therein.
The real estate industry has been stable with relative growth for decades. Innovation has led to better methods of marketing, engaging, negotiating, and drafting the many contracts and disclosures needed to executed and ratify real estate contracts. The focal point of the innovation has been heavily placed on brokerages and simplifying their processes in an effort to tap into the larger market segmentation.
As a result of the innovation over the last 30 years, brokerages and professionals are able to utilize the regional MLS (Multiple Listing Services) data integrated with various document drafting tools such as ZipLogix which allows real estate professionals to populate pre-defined forms, mark-up key contract elements, and add e-signature blocks using integrated TouchSign technology (In the case of ZipLogix, which allows the user to create signers to the contracts (by the real estate professional) and create signature fields. The users will then receive an email and create their signing accounts, and sign the documents. All this technology is aimed at professionals and would not be effectively utilized by non-professionals as the contracts still must be filled, setup, and managed by the selling agent.
While the home buying/selling and renting/leasing processes are primarily controlled by real estate professionals, those who are paying the commissions (Home Owners) may no longer want or need the third party intervention. However, the home buying/selling and renting/leasing processes require a great deal of negotiation, data collection, preparation, variables, signatures and executed agreements and disclosures. Most homeowners simply do not have the necessary knowledge and information to effectively complete this process on their own.
This Method and System IS NOT developed for professionals. Instead, it solves the needs of the average homeowner. The tax industry has seen similar development over the last 20 years, which has empowered the average individual from relying on tax professionals to doing their own taxes through the support of automated systems and methods which guide and support users in completing their necessary tax forms.
This Method and System is synonymous (in a way) to that of the tax industry. The Method and System for Engaging and Coordinating Real Estate Transactions from Contact to Contract serves both For Sale and For Rent transactions by offering simple to use Negotiation, Agreement, Data Collections, Stored Data Integration, Document Preparation, Variability Controls (Programmed IF Statements which add or remove documents based on document and date triggers), Co-Signer Setup, and Secure and Efficient E-Signature Processes.
By creating a method and system to remove the complexity and knowledge level required to effectively use the system, we are providing the average individual with options to control their own property transactions, without the necessary support of real estate agents and the high fees associated with their support.
The Method and System for Engaging and Coordinating By Owner Real Estate Transactions from Contact to Contract serves both For Sale and For Rent transactions by offering simple to use Negotiation, Agreement, Data Collections, Stored Data Integration, Document Preparation, Variability Controls (Programmed IF Statements which add or remove documents based on document and date triggers), Co-Signer Setup, and Secure and Efficient E-Signature Processes.
It begins with a unique and secure user registration and login. Each user must create an account using a valid email address. They also create their E-Signature during sign-up. This is an important step to ensure proper authorization, security and control in each transaction. The registered user account is also used for education, networking, social integration, and tracking purposes.
Next, the logged in user may list their own property (Acting as Seller – For Sale OR Landlord – For Rent), or search to purchase/lease a property (Buyer – For Sale OR Tenant – For Rent). In the case of a new listing, the Seller/Landlord will enter key details about the property which is stored in our background database tables. This information is drawn on to properly reflect back this information in display, but it is also integral to the document preparation and variability conditions. For example, if the home is built prior to 1978, then a Lead-Based paint form is required, later in the task-flow, the system and method will auto-trigger the need for this form and populate the existing data for the users.
There are tools available to the users to make the search, viewing, communication, and other necessities of the home buying/renting process simple, which are designed to make the process even simpler than the current methods of using multiple third parties to administer these needs. As these will not be considered for patent protection, we will not list these features.
In continuation, when a buyer/tenant locates a property meeting their interest, they have an option on the view listing page to “Make and Offer” on the property. This function allows the user to make a tentative offer on the property, which will be sent and received electronically from the initiating buyer/tenant to the seller/landlord. This tentative offer may include the price, contingencies, user details, qualifications, and comments. In response, the seller/landlord may choose to Reject the Offer, Counter the Offer, or Accept. If rejected, the offer is closed. If countered, the Buyer/Tenant now has the same options and may negotiate accordingly. If accepted, the users are presented with an option of using our Method and System further with the Contract Tools, or they may use pre-defined templates to complete their sell/rent transaction.
The Contract Tools continue the task-flows by collecting a few pivotal questions from the seller/landlord with the Seller Questionnaire. We collected data on the requirements and details for Earnest Money Deposits, Items to Convey, Real Estate Agent Affiliation, Post-Closing Occupancy, Availability, Requirements and if any Co-Signers will be added to the contracts and e-signatures. These details trigger documents, and optimize the work-flows of the management system. Some forms will be necessary and added to the work-flows, and others will be removed based on the data.
After this data is entered, the Seller/Landlord is presented with the draft forms for their review. Upon review, the users will submit the forms as reviewed. This submission triggers an email to the Buyer/Tenant, who will now proceed with answering a few pivotal questions of their own in the Buyer Questionnaire and add any Co-Signers on the Buyer/Tenant side. The buyer/Tenant will answer the questions presented, which will trigger documents and optimize the work-flows of the management system further.
When the questions have been addressed and any co-signers added, the buyer/tenant will review the automatically prepared documents, based on the optimized work-flows (document triggers and variable controls). Upon the user’s review, the user will submit their review and a summary of key terms form is displayed for the user’s final review, highlighting critical information in a summarized window. If they agree, they must mark their agreement. After submitting their agreement, they are led through the secure e-signature process on the site via the optimize work-flow manager. Any Buyer/Tenant co-signers repeat the process until all buyers have completed their signing process.
After all the Buyer(s)/Tenant(s) have completed their e-signature process, the Seller(s)/Landlord(s) are contacted by the management work-flows to complete their e-signature processes. They are displayed the same summary of key terms and must mark their agreement to continue to signing. Each Seller/Landlord will complete the signing through their unique login and once all the signatures have been applied by all the Seller(s)/Landlord(s), the documents are executed and ready to be purchased by the seller/landlord and downloaded to PDF.
The system stores the documents in the registered user’s account under “My Documents”. Once purchased, the executed contracts and disclosures are able to be downloaded and printed at any time.
The disclosed embodiments are illustrative, not restrictive. While specific configurations of the method and system have been described, it is understood that the present invention can be applied to a wide variety of Real Estate Applications. There are many alternative ways of implementing the invention.
FRZL Token Details
The FRZL token was minted through the third party software platform MyWish. We intend to use the services of this platform for future Airdrop distributions.
FRZL Issuance & Utility
The FRZL token will not be issued via an ICO or other securities offering. Narwhal Realty, Inc (operating as Freezylist.com) will not issue tokens in exchange for monetary funding or services in kind. The token is issued solely in response to member registrations, education on the platform, forum/blog participation, promotional rewards and various other platform uses to raise awareness and encourage member maturity.
Freezylist envisions introducing staking of the tokens on the platform in the future (once the platform reaches membership scale) as a currency to pay for professional services from business members, and various advertising of brokers and other members for local services.
Members may view our token as a reward system, much like many industries today offer loyalty rewards, which can then be used to pay for future services of the company. However, we are taking steps to have our token listed on various exchanges in order for our members to be able to exchange and acquire the token for future use.
As the platform and the token mature, we believe there will be abundant opportunity to transform the 'By Owner' options available accros the full spectrum of real estate and we look forward to building the future! As the platform grows, so to will the demand for the FRZL token.
FRZL Voting Rights
The FRZL token does not provide holders any legal ownership of Narwhal Realty, Inc or the Freezylist Platform. As a leadership team, we hope to receive much feedback from our members, and your token holdings will carry weight in our improvement decisions; however, voting is not complusory to the leadership team.
FRZL Legal Opinion
As cryptocurrencies continue to expand, regulations are necessary to prevent fraud and other nefarious issues. We believe that regulation will only further the cause of crytpocurrencies through transparency and trust.
To this end, we have performed extensive research into the legalities of issuing a token. In our review, we have noted the current case precendent of determining whether a token should be classified as a security under SEC regulations (SEC Regulation Information). We have also reached out to the SEC to ensure we are complying with all applicable laws and regulations per their framework as seen here: SEC Framework for Digital Assets
Per the framework and Howey Rule, which outlines three main components to determining a security, we have developed our token offering under the following guidelines:
I) The Investment of Money
As noted above, the FRZL token will not be issued via an ICO or other securities offering. Narwhal Realty, Inc (operating as Freezylist.com) will not issue tokens in exchange for monetary funding or services in kind. The token is issued solely in response to member registrations, education on the platform, forum/blog participation, promotional rewards and various other platform uses to raise awareness and encourage member maturity.
By not accepting investments for our token, we avoid the major component of the Howey Test.
II) Common Enterprise
As the essence of our ERC20 token is a contract, we agree we have met this criteria.
III) Reasonable Expectation of Profits Derived from Efforts of Others
We have issued this token to incentivize membership growth and market adoption. We beleive that with the efforts of the broader market, we can make a major improvement in the real estate for generations to come! As such, we certainly hope to add appreciating value of the token and the freezylist platform.
We believe we have met this criteria.
Conclusion & Application of the Howey Rule:
We have intentionally avoided accepting payments in the forms of exchanged crypto, fiat currencies or services in kind. The FRZL token is only issued as a reward to members. As a result, in our legal opinion, the predominate indicator of compensation has not been met, allowing us to reach the conclusion that the FRZL token is not subject to SEC Registration as a securities offering.