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Who holds the deed to the house?

RealT does not tokenize the physical asset. It is currently legally impossible to directly ascertain real estate ownership through tokenization.
RealT tokenizes interests in a Limited Liability Company (LLC) that is the sole owner of the asset acquired. Each asset will be owned by one single LLC. Tokens represent ownership of a membership interest in the LLC and this tokenized ownership is enshrined in the subscription agreement and in the ownership records, making it irrevocable.
The deed to each property is held by the LLC. Purchasing RealTokens for an LLC that owns one single deed of a property is simply purchasing your share of that deed.