SCR310 requires payment of United States of America Dollars as Good Funds.
So, buyers who want to use cryptocurrency can convert their cryptocurrency into U.S. Dollars pre-offer (best to handle any anticipated and unanticipated delays in converting cryptocurrency to U.S. Dollars as well as any cryptocurrency depreciation) or during the due diligence period.
Sellers who see a buyer wanting to purchase using a
"cryptocurrency to cash" conversion to purchase may want to negotiate a higher price, earnest money, and due diligence termination fee to help offset the risks of the conversion (e.g., delays in conversion, cryptocurrency depreciation).
Parties wanting to complete the transaction using only cryptocurrency should asap hire their respective closing attorneys who are experienced with cryptocurrency transactions, ditto any lenders when there is a purchase money loan alongside the cryptocurrency purchase funding. These closing attorneys can draft and negotiate the needed contractual language changes to SCR310 for this type of deal from pre-offer through closing.
The SCR310 standard form contract as written is not designed for a cryptocurrency payment unless modified by attorneys. An unmodified SCR310 uses U.S. Dollars, not cryptocurrency.
https://www.nar.realtor/videos/window-to-the-law/cryptocurrency-best-practices
Posted by: Byron King on 08/14/23 (This information is only accurate as of 08/14/23. You must contact SCR for updates and changes to this information after 08/14/23 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.