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Sync Estates FAQ

  • What is Sync Estates?
    Sync Estates is a team of passionate technology and blockchain experts building Web3 financial products utilizing Token and NFT technology. Our platform will allow most individuals and entities to conduct real estate transactions for land, residential, or commercial properties via our unique and exclusive online Token/NFT marketplace. The Sync Estates marketplace will allow buyers and sellers to transact one on one, on a secure blockchain platform, without all of the traditional intermediaries and with greater speed, liquidity, transparency, and security all while deducing the fraud and fees generally associated with these transactions.
  • How do I Set Up a MetaMask Wallet?
    MetaMask Setup Tutorial + Adding the Binance Smart Chain to the MetaMask Wallet:
  • How do I add Binance Smart Chain to my MetaMask Wallet?
  • Who is eligible to use the Sync Estates marketplace?
    From a Seller's standpoint, anyone interested in selling a property which is held in an entity such as an LLC., C, or S Corp and has the ability to show clear title to such assets they would like to make available. From a Buyers standpoint, any individual at least eighteen (18) years of age or older as of the date of entry may make a purchase according to the terms and conditions set forth in our Policy’s section of the website. Employees, owners, officers, directors and agents of Sync City and Sync Estates, its Sponsor and their Immediate Family Members (as defined below) in addition to Administrator and Sponsor’s respective affiliates, parents, owners, subsidiaries and related parties thereto are not eligible to purchase Tokens or be awarded NFTs through any of the Sync Estate Products or Services. As used within this section, “Immediate Family Members” means each individual person’s immediate family members including without limitation their spouse, domestic partner, mother, father, sister, brother, and each of the foregoing’s respective spouses and those living within the same household of the individual person. The use of and purchase of Products and Services listed on our platform are void outside of the Territory and where prohibited by law, regulation, ordinance or statute. All applicable laws apply. Additionally, both Sellers and Buyer must first successfully complete our KYC/AML process.
  • Are both buyers and sellers required to have an account with Sync Estates to participate in our marketplace?
    Yes 👍
  • Is there a cost to access the marketplace?
    There is no upfront cost to access the Sync Estates marketplace. There is a cost in the form of a percentage to list an asset. There is also a fee set to purchase the Tokens that will be available as part of the collection shown on our website. The cost per Token will be clearly shown in the listing details for each asset.
  • What is KYC? (Know Your Customer)
    Cryptocurrency Know Your Customer (KYC) refers to the set of identity verification procedures required by law for Virtual Asset Service Providers (VASPs). KYC processes are important because they enable criminal investigators to connect pseudonymous cryptocurrency addresses to real-world entities in the event that the addresses are connected to crime. In traditional finance, valid credentials include ID card validation, face verification, and biometric authentication. Additionally, many banks require proof of address, such as a copy of a recent utility bill. In the cryptocurrency industry, KYC requirements are less standardized. Most exchanges require that new customers share their legal name, government-issued ID, and up-to-date address information.
  • What is AML? (Anti-Money Laundering)
    Cryptocurrency Anti-Money Laundering (AML) encompasses the laws, regulations, and practices designed to stop criminals from converting illegally obtained cryptocurrencies into fiat money. The Financial Action Task Force (FATF) sets the standards for AML laws globally. FATF began publishing guidance on cryptocurrency AML in 2014, and policymakers in FATF’s member jurisdictions quickly took action; today, FinCEN, the European Commission, and dozens of other regulatory bodies have codified most of FATF’s cryptocurrency AML recommendations into law. From there, the baton gets passed on to Virtual Asset Service Providers (VASPs)—a group that FATF defines to include crypto exchanges, stablecoin issuers, and, on a case-by-case basis, some DeFi protocols and Token/NFT marketplaces. These businesses do the heavy lifting to stop money laundering by employing compliance officers, requiring know-your-customer checks, and continuously monitoring transactions for suspicious activity. When suspicious activity is observed, VASPs report this information to relevant regulators and agencies, which then use blockchain analysis tools like Chainalysis Reactor to investigate the flow of funds and link illicit activity to real-world identifiers.
  • Am I required to provide my KYC/AML information to utilize the NFT marketplace?
    Yes, ALL Sellers and Buyer must first successfully complete our KYC/AML process before they can list an asset or purchase any of our Products or Services. We will collect this information from all Sellers that express an interest and decide to move forward with posting a listing on the Sync Estates platform. Buyer will automatically be prompted to complete the KYC/AML process upon clicking on the “Purchase Tokens Now” button associated with each listing on the platform. Once you have completed this process, you will then be whitelisted and have full access to our Produces and Services going forward. If any of the information you provided us changes, you are required to resubmit your information through the KYC/AML process described above.
  • What type of cryptocurrency wallet is required to use the Sync Estates marketplace?
    There are many types of cryptocurrency wallets on the market designed to store and protect your crypto assets such as Tokens and NFTs. One example is the MetaMask Wallet. Please do your own research and determine which wallet base suits your needs.
  • What is a MetaMask Cryptocurrency Wallet?
    MetaMask is a popular cryptocurrency wallet known for its ease of use, availability on both desktops and mobile devices, the ability to buy, send, and receive cryptocurrency from within the wallet, and collect Tokens including Non-Fungible Tokens (NFTs) across multiple blockchains. Users will appreciate the simplicity, fast transactions, and the ability to send and receive tokens anonymously in a secure setting. To start using MetaMask, users simply have to download the software and create a new wallet. They can do this without giving any personally identifiable information such as their name, address, or Social Security number. Additionally, MetaMask is a non-custodial wallet, meaning data is not stored on a central database, and the company does not collect user information from wallet use. Once the wallet is created, it can only be accessed using a password selected by the user or restored using the 12-word seed phrase. It is critical that once the password and seed phase is created, you store this information in multiple secure locations and never share these details with anyone except those highly trusted individuals you deem should have access to your wallet. New users should do their own research on how to use cryptocurrency wallets before jumping into MetaMask or any other app. MetaMask Setup Tutorial + Adding the Binance Smart Chain to the MetaMask Wallet:
  • What types of payments are accepted as payment to participate in any of Sync Estates property auctions or sales?
    While we would encourage all of our customers to pay using select cryptocurrency and more specifically, the Snyc City Token, we also accept most major credit cards as well as wire transfers. We accept all cryptocurrencies trading pairs listed on Binance.US that reference USDT as one of their trading pairs. When paying via a credit card, additional fees may apply.
  • Is there a fee to list my property?
    Currently there is no upfront fee to list a property on the Sync Estates marketplace, however, we do charge a one time transaction fee to the seller once the property has been sold. This fee will be based on a percent of the overall value that was charged and collected for the asset being sold. The percentage charged will vary based on the type of property being sold such as land, residential, or commercial.
  • How do buyers submit offers?
    Interested Buyers can visit the Sync Estates website and review the current listings being offered. Once they have reviewed the listing(s) details and see one or more properties of interest, they can simply begin the process by clicking the “Purchase Tokens Now” button. From there, they will be prompted through the submission process including the KYC/AML process if they have not previously completed this step.
  • What is Blockchain?
    A blockchain is a distributed database or ledger that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.
  • What are Smart Contracts?
    A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism.
  • What are NFT’s? (Non-fungible tokens)
    Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions. NFTs have the potential for several use cases. For example, they are an ideal vehicle to digitally represent unique, physical assets like real estate and artwork. Because they are based on blockchains, NFTs can also work to remove intermediaries and connect artists with audiences or for identity management. NFTs can remove intermediaries, simplify transactions, and create new markets.
  • What is the benefit of conducting real estate transactions via blockchain, smart contracts and NFT’s?
    Real estate technology has traditionally been primarily concerned with listing properties and then connecting buyers and sellers. However, blockchain introduces new ways to trade real estate and can enable online platforms and marketplaces to support real estate transactions more comprehensively. Sync Estates has developed a platform that uses blockchain technology to facilitate real estate transactions. By tokenizing real property, assets can then be exchanged or traded much like stocks on an exchange and transactions can be done all onchain which provide a higher level of liquidity, security, speed, transparency with the added ability to reduce fraud. Sync Estates allows sellers to tokenize their assets such as an LLC, S or C Corp and acts as a broker to liquidate their asset through token sale via our platform. Brokers, lawyers, and banks have long been a part of the real estate ecosystem. However, blockchain and tokens and NFTs may soon usher in a shift in their roles and participation in traditional real estate transactions, according to a report by Deloitte. New platforms such as Sync Estates can soon assume functions such as listings, payments, and legal documentation. Cutting out the intermediaries will result in buyers and sellers getting more out of their money as they save on commissions and fees charged by these intermediaries. This also makes the process much quicker as the back-and-forth between these middlemen gets cut.
  • How many Tokens can I purchase?
    There is no limit on the number of Tokens that any one individual can purchase per collect. The only limit set is the number of Tokens available as part of each collection being offered.
  • What type of support does Sync Estates offer?
    Sync Estates offers phone, email/web support through our Zendesk portal. Support Portal: Email: Phone: +1 (855) 575-3745
  • Can I request a refund for any Products or Services purchase on the website?
    No, once a Product or Service has been purchased, we do not offer refunds. However, in the event that there is a reserve number set for the collection you are interested in purchasing and the reserve number is not reached for that particular collection before the published time limit, Sync Estates reserves the right to cancel and end the offer for that particular collection. In turn, the original asset holder of that collection would maintain ownership of the underlying asset that was being offered. Likewise, all of the wallet holders that purchased Tokens associated with that collection will receive a full refund in the same form of payment that was originally used as part of the purchase (fiat or cryptocurrency) minus any gas or transaction fees incurred by Sync Estates.
  • How do I set up a MetaMask Wallet?
  • How do I add Binance Smart Chain to my MetaMask Wallet?
  • Will my VCDM Coins have any potential value if mine were not selected to receive the Villa Conche Del Mar?
    The short answer is yes, each VCDM Coin holder will have the option to convert their VCDM Coins at a 1:1 ratio for Sync Estate Coin(SEC). This will give each SEC holder the right to participate in Sync Estates Liquidity Pool.
  • How long will the participants holding the NFT selected to acquire the Villa Conche Del Mar LLC or the $1,000,000 have to claim the LLC or USD?
    At the completion of the Technology Demonstration, the participant holding the selected NFT will be notified via email. Once this email has been sent, the participant will have 60 days to complete the transfer and register the entity that is assigned (LLC, C Corp, S Corp, or other designated entity) to the selected NFT with the appropriate local and state governments or select the $1,000,000 Crypto Payout.
  • How will I know if my NFT was selected as the one to acquire the VCDM LLC?
    Each VCDM Coin holder will be airdropped a VCDM NFT, one NFT per one coin. One of these NFTs, which will be selected at random, will be given the opportunity to acquire ownership of the Villa Conch Del Mar LLC, which holds titles to the property at 33301 Pacific Coast Highway, Malibu CA, 90265 as well as drawing, approvals, and other property related items or elect to receive a $1,000,000 USDT lump sum payout. This individual will be notified by email.
  • Is there a minimum reserve and what if it's not met?
    There is a minimum reserve amount for the VCDM that has been set at 7000 coins. If the reserve number has not been met by the closing date set as January 31, 2023, Sync Estates will refund the full purchase amount to all participants. The refunds will be sent within 60 days of the closing date in the form of USDT to the participants verified wallet address on record minus any gas or transaction fees incurred by Sync Estates.
  • How long will it take to receive my refund?
    In the event a particular collection is canceled by Sync Estates, all refunds will be issued within 60 calendar days or less from the collection's cancellation date.
  • What is the process to convert my VCDM Property Coins into SEC's?
    At the completion of this NFT drop, an Exchange Notice email detailing the exchange process will then be sent to each VCDM NFT holder. Upon issuance of the Exchange Notice, the VCDM NFT holder will have an Exchange Period set at 60 calendar days to request an exchange of their VCDM Coin to SEC. Any VCDM Coin which has not been exchanged for SEC at the conclusion of the Exchange Period will no longer be accepted by Sync Estates and the coin will have no monetary value. VCDM Coin will be exchanged for SEC on a 1:1 ratio
  • What happens if the participant holding the one randomized NFT fails to transfer ownership of LLC, C Corp, S Corp or select the $1,000,000 Crypto Payout?
    If the participant fails to transfer ownership or select the crypto payout within the described 60 day time period, this participant will forfeit all claims to VCDM LLC and/or the Crypto Payout. At this point, Sync Estates has the right to retain ownership of the property and will retain the Crypto Payout. If the participant can show good faith efforts to transfer ownership prior to the 60 day time period close, but can not complete the transfer due to no fault of their own, Sync Estates may choose to extend this period at its sole discretion.
  • How many Coins and NFTs are being offered as part of the Villa Conch Del Mar NFT Technology Demonstration?
    The entire collection for this Technology Demonstration will consist of 8000 coins & 8000 NFTs. This collection also has a minimum reserve set at 7000 coins and 7000 NFTs that must be met prior to the closing date of this offering which is January 31, 2023.
  • How does the Sync Estates Liquidity Pool work?
    At the end of the 60-day coin exchange period, 50 percent of the profits from the VCDM Technology Demonstration will be deposited into the SEC liquidity pool. Participants who converted to SEC will be given the option to: Sell their coins to Sync Estates for a published rate within the Exchange Period; or Hold their SEC and participate in future profits; or Sell SEC on the open market via an exchange such as PancakeSwap or SushiSwap at their discretion. The rate Sync Estates will offer will be set and announced in the email to participants at the beginning of the 60-day coin Exchange Period. All future property projects which yield profits may be added to the liquidity pool for SEC in a similar manner and should increase the coin value.
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