Real estate tokenization starts by defining what is being represented. It can be an ownership stake, a receivable right, an economic fraction or another arrangement. Each scenario has different implications and should not be reduced to issuing a token.
It is necessary to map the asset documentation, those responsible for custody and updating of information, the transfer flow and the conditions for participants to enter or exit. It is also important to identify how external events will be reflected in the system.
The user experience needs to explain what they are acquiring and what limitations exist. Terms like fraction, ownership, yield and liquidity should not be used as synonyms when they represent distinct rights.
The technical architecture must be built after diagnosing the model. The legal team and those responsible for operation need to validate the design before publishing any offer or commercial promise.