Wednesday, the municipality of Detroit filed a complaint against the specialist in tokenized real estate Realt. What is criticized for the company?
The municipality of Detroit continues Realt in court
Due to its value proposal, Realt has been able to rebound the cards of real estate investment, making it much more accessible. However, The company now has to face prosecution in Detroita city where it is largely established.
And for good reason, the municipality brought on Wednesday what it describes as the greatest trial for nuisance in the history of the city. As reported by the local media The Detroit News, the complaint thus targets the parent company Real Token, its founders Remy and Jean-Marc Jacobson and 165 affiliated companies, all for 408 companies in causes, due to the lack of complete compliance certification.
In its complaint, the municipality even goes so far as to consider 53 real estate as ” undoubtedly harmful to the health, safety or well-being of the public ».
On a map provided for the occasion, we can see 3 levels of priorities, ranging from violation of buildings, Safety Engineering, and Environmental Department (BSEED), to health dangers:
Realt real estate map implicated in Detroit
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Conrad Mallett, the city's lawyer, returned to complaints made to Realt:
First of all, we want our $ 500,000 in tickets. Second, we want all these properties to pass an inspection of conformity, which will give them the right to a certificate of conformity. And if you cannot obtain a certificate of conformity, repair the property in order to be eligible for the certification required by the prescription.
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For his part, Realt rejected the fault on “several unscrupulous real estate management companies»»which would not have respected their share of the contract despite important sums paid, thus motivating it to ensure the management of its goods itself since December 1, 2024. In addition, the company affirms that it takes care of the goods requiring rehabilitation, but that the process takes time:
We took care of all goods at once and have started to process offenses related to degradation, administrative files, maintenance interventions and complete rehabilitation. We have completely repaired dozens of properties, treated hundreds of degradation tickets, and teams of entrepreneurs are on the ground every day to treat each unhappy tenant and each municipal contravention.
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In parallel with the writing of these lines, the company announced a community call today at 5.30 p.m. Paris hour. While Real is today claiming more than 65,000 investors and $ 29 million in distributed income, it will be a question of following this procedure to know the future.
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Source: The Detroit New
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Vincent Mayor
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