Charter - Ethereum Lease Agreements

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Why use Smart Contracts for Lease Agreements ?

1. Smart Contracts remove third parties/middlemen like lawyers, brokers from the System, thus improving efficiency and reducing the cost of drafting the agreement.

2. Smart Contracts can be used to automate tasks of Payments, Asset Management and most importantly Verification of Landlord, Tenant and the Property itself.

3. These contracts empower Landlords to draft their own agreements and digitally sign them , tenants can later on verify these agreements and can sign these contracts making them active on the Blockchain.

4. Smart Contracts can process and transfer payment of Rent, Security Deposit and Stamp Duty Fee automatically when certain predefined conditions are satisfied, this is what makes them Smart 😎

5. Smart Contracts can hold the Security Deposit in an Escrow Account and release it when the Contract Expires or both parties provide their approval.

Additional Features of Charter

• In addition to the above features, Charter helps it's users (Indian 🇮🇳 Users Specifically) by processing payments in INR using Coinbase API for ETH to INR Conversion Rate.
• Links the GeoLocation of the Property to it's Digital Identity on the Contract using MapMyIndia API.
• Provides multiple language supports, using Yandex Translate API.
• Read for Instructions here

Getting Started

• Download MetaMask Extension - Every data upload to the Contract requires some Transaction Fees and this is paid using Ether Cryptocurrency, to simplify this process MetaMask Wallet is used. Download from here

• Get Kovan TestCoins - This application is deployed on Kovan TestNet, get Test Coins here.

Terms and Conditions (Read Carefully)

• The application is based on Ethereum Blockchain and hence is a public ledger application, I understand all my contract details will be publicly visible.

• The application is just a POC (proof-of-concept) showcasing the capabilities of Digital Smart Contracts, I understand that these contacts do not have any legal standings and cannot be used in any government trials and procedures as proof.

• The application is designed as per the rental guidelines of Delhi Government and all the charges including Rent, Security and Registration Fees are calculated in Indian Rupees (INR).

• Currently, the Smart Contracts are uploaded on Kovan TestNet and the owner of the Contract is the creator, no real life assets are currently being used for transactions on this application just Test Coins of Zero Monetary Value.