I am relatively new to concept of smart contracts. I am reading Nick Zabo's Smart Contracts: Building Blocks for Digital Markets, under the Smart Property section it is mentioned:

Smart property might be created by embedding smart contracts in physical objects. These embedded protocols would automatically give control of the keys for operating the property to the party who rightfully owns that property, based on the terms of the contract.

Then it mentions an example of a car under smart contract. I would like to know - how would it be possible to have a real estate contract implemented with smart contracts?

Suppose we want to release a certain property only if certain conditions are met. Consider the condition as simple as if the money is paid according to the required sum. Does that mean the payment should be made via ETH? And the ownership transfer will be generating a keypair for the new owner and destroying the old one? How does the enforceability of the contract work here?

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