Real estate.
One building, one SPV, hundreds of holders. Now some of the buyers are software.
A fraction of a building is a register entry with a legal person behind it. This page covers what that means for an agent that wants to buy one.
A cap table with a building under it.
Fractional property is company law stacked on property law, with a register somebody has to keep true.
Sources the property, forms the SPV, and answers to holders for how it performs.
The legal wrapper that owns the deed. Fractions are shares in this entity, not bricks.
The public record of who owns the property itself. Slow, jurisdictional, and final.
Keeps the register of fractional holders and moves entries when interests change hands.
Collects rent, pays for the leaking roof, reports the numbers the distributions come from.
Own a slice of the SPV. Increasingly, some of them will be run by software.
SPONSOR
forms the SPV
SPV
holds the deed
OFFERING
lists the fractions
TRANSFER AGENT
keeps the register
HOLDERS
collect distributions
agents enter at the offering · the register gets a name
Registers want names.
Property doesn't trade as bearer paper. A fraction is an entry on a register, held by a legal person, moved by a transfer agent under the SPV's rules.
An agent that wants a fraction shows up with an API key. The register needs an owner it can name; the sponsor needs someone to stand behind the subscription when a distribution is disputed three years out.
And disputes come late here. Years on, a payment lands on a stale entry. On the human side there's correspondence, signatures, a person who remembers. Behind the key there may be nobody left who ran it.
A register full of names, and a buyer without one.
The same five checks, in property terms.
The agent acts under a platform-issued identity tied to a legal person. The register finally has a name to write down.
The mandate speaks the sponsor's language: which offerings, what stake ceiling, what window. It expires on a date, not when someone remembers to revoke it.
Subscription and transfer instructions are signed at the boundary, under keys the agent never holds.
The transfer agent's process runs as it always has. Accords governs what reaches it, not how it works.
Each action files a signed record: the interest, the mandate, the checks, the outcome. When the distribution question arrives years later, the answer is a document, not a deposition.
What the record looks like here.
What the platform files when an agent subscribes: the interest, the mandate it ran under, the checks that passed. The digest below is computed at build over exactly these fields.
Verify one yourself- ACTION
- Subscribe 500 units · fractional SPV interest RE-SPV-041
- MANDATE
- Income-property interests only · ≤ $25,000/offering · expires 2027-03-31
- VENUE
- Order admitted · agent identity ag-9b04 · eligibility and mandate checks passed
- OUTCOME
- Allocated 500 units @ 10.00 · register entry updated · receipt filed
Illustrative specimen of an Accords action receipt. The bundle hash is the real SHA-256 of this specimen’s fields — recompute it yourself. Signed receipts are what the runtime emits; this specimen claims the shape.
Asked, answered.
Does Accords touch title or the property register?
No. Title stays with the SPV and the land registry; the holder register stays with the transfer agent. Accords governs the agent’s actions against the platform and records what happened. It holds nothing.
Who is liable when an agent subscribes to an offering?
The legal person behind the platform-issued identity, under the mandate they signed. That is the point of the identity: liability lands where it always has, on a person or an institution.
Can a sponsor cap how much of an offering agents can take?
Yes. Mandates are per-agent limits, and the platform keeps its own offering rules on top. An agent inside its mandate is still subject to the offering’s terms, like any subscriber.