Congratulations, you sold your land. Here's what happens to your money, and what paperwork follows.
Getting paid
There is no escrow on Fabrica. The buyer becomes the owner and you get paid in the same transaction.
If the buyer paid with the funds in their Fabrica account or by card, your proceeds arrive in your account right away as stablecoins (digital dollars).
If the buyer paid by bank transfer, the sale completes once the payment clears. Your property page shows Sale pending with "You'll get paid by" and the expected date, and we'll email you when the money lands.
If the buyer paid by wire, the sale completes once the wire arrives, and your proceeds arrive in your account then.
Your proceeds are the sale price minus Fabrica's fee. Fabrica charges 1% of the sale price, paid from the seller's proceeds. The buyer pays exactly the listed price. So a $100,000 sale puts $99,000 in your account.
Moving the money to your bank
Open your profile and click Cash out next to your balance. The Cash out window asks for three things:
The amount. Your available balance is shown beside it, with a Max shortcut. The smallest cash out is $5.
To: the bank the money goes to. The first time, the window says "Two quick things before your first cash out.": you verify your identity once (a short form checked by Coinflow, our payment provider) and connect a bank in your name for payouts. After that, your banks are listed, and Add a bank connects another.
Speed: the options are named by how fast they arrive: Fastest, 1 business day, 3 business days, Right away when the money goes to a debit card, or, for larger amounts, Wire. Each one shows the amount that arrives, the fee or "No fee", and "Expected by" with a date. The fee shown is everything the payment provider takes, network costs included. Speeds that can't take your amount are hidden.
Click Review, check the amount, fee and destination, then click Cash out $X and approve the request once in your account. The review screen says who moves the money ("Coinflow, our payment provider, makes this payout, not us.") and that Coinflow's Terms of Service apply. You'll see "Cash out on its way" once the provider confirms the send; if confirming takes longer than usual, we email you when it's confirmed. We email you again when the money arrives. If a cash out can't be completed, the money comes back to your account.
A few things to know:
Fabrica does not add a withdrawal fee. The fee shown belongs to the payment processor, and you see the exact amount you will receive before you confirm.
Each speed has its own limit. For a large amount, pick a speed that accepts it, or split it into more than one cash out.
Keeping track of your cash outs
Your profile lists them under Cash outs: the ones still on their way first, each with the amount, the bank or card it went to, the speed you chose and "Expected by" with the date, then the recent ones with "Arrived" and the date. Show all (N) opens the full list, and each row links to its transaction on Etherscan, a public record of Ethereum activity. If one didn't go through, its row says so ("Heads up: this cash out didn't go through.") and the money is back in your account. If one is on its way back to you, the row reads "Heads up: this cash out is being returned."
The county paperwork
Usually nothing needs to change at the county when your property sells. Some counties ask to be notified of the change of ownership, and we file that paperwork for you. If extra information is needed, we may email you (subject: "Action Required: Transfer Paperwork"). Just reply or follow the steps in the email.
When your buyer pays by bank
Not every sale settles right away. If your buyer pays by bank transfer, the sale completes once their payment clears, usually by the expected date the app shows. During that window the property is still yours: the page says the token is still yours until the buyer's bank clears the payment, and then it moves to them, and the property with it. Buying and offers are paused on the property while the sale is pending. We email you when the money is on its way and again when you have been paid. If the buyer's payment fails or is returned, we will let you know and your property stays with you. There is nothing you need to do while a bank payment clears.
If the county still bills you after a sale
If a tax bill or notice for land you already sold shows up in your name, nothing is wrong with the sale. The county most likely still has your details from before you added the property to Fabrica. Forward it to us through the chat and we will sort it out.
Taxes
We can't give tax advice, but here's what to know:
Income and capital gains. If you sold for more than you paid, you may owe tax on the gain. Real estate sales are generally reported to the IRS on Form 1099-S. Talk to a tax professional about your situation.
Property taxes. Once the sale completes, responsibility for property taxes passes to the buyer along with ownership.
No pro-rata tax settlement. There is no escrow or closing settlement on Fabrica, so property taxes are not prorated between buyer and seller. If you prepaid taxes for the year, the sale does not refund the surplus. The price shown on Fabrica is final and inclusive of all sale terms, so set your price with that in mind.
No withholding. Fabrica does not withhold state or federal taxes from your sale proceeds. Some states have their own withholding or filing rules, especially for sellers who live out of state. Ask a tax professional what applies to you.
One more thing: sales on Fabrica are final. Once the transaction completes, it can't be reversed.
If you get stuck, message us through the chat bubble in the corner.