ESCROW SERVICES IN REAL ESTATE – A secure payment option available just for you!
Your concerns are genuine, and We at Propertyyy.com, ease your worries by providing Escrow services. We are connected with a top-notch bank of the nation, and we ensure by Escrow service that buyers puts all obligation like to offer contract, deposit, secured financing, and a reminder of down-payments. We also help dealers in putting their obligations like house inspecting and clearing titles through our services. We have partnered up with banks like HDFC, ICICI, PNB, IIFL home loans, IDFC, Reliance Capital, and many more to give our customers a seamless experience when it comes to financing their purchases.
“Worried about timely delivery of house?”
“Tensed about whether taxes and insurance money from buyer will be timely available?”
Want to know more about our Escrow Services? Well read on to find out!
What is an Escrow Service/Account?
Escrow service is a third party financial arrangement where it controls and regulates the payment of the funds involved in a transaction between two parties. It is a digital and online secure payment facility as the funds paid by the buyer is held in an Escrow account and only released to the seller when the terms of the agreement are met between the two parties.
How does the Escrow process work?
In a real estate transaction, the buyer pays the seller through an Escrow account. The buyer pays the amount for the property to an Escrow company who acts as an intermediary and verifies that documents and ownership of the property has been properly handed over to the buyer. After confirmation, the third party releases the funds to the seller’s bank account. If the buyer has not arranged the entire deposit, then majority of the fund already deposited in the account will be sent back to the buyer, the seller would get 1% of the funds. This occurs during a Failure in transaction. We have partnered with ICICI bank and Axis bank to set up an Escrow account for your transaction.
What facilities does an Escrow transaction provide us?
An Escrow service would first and foremost confirm the identity of the buyer/seller and the legality of documents. Then, they provide you with an agreement prepared by best legal experts over the country. The funds transfer takes place through a secure payment portal, thus, protecting the parties against fraud.
Why do I need an Escrow account as a customer/dealer/seller?
As a customer, an Escrow account will protect you against scams and fraud and ensure that your money is paid only when you possess the ownership of your purchased property with documentation. As a dealer/seller, it helps you in selling to authentic parties.
Can customers and sellers both benefit from it?
As mentioned above, customers can save themselves from fraudulent schemes and sellers get their payments of taxes and home insurance on time which are also paid out of the escrow account.
Is interest paid on Escrow accounts?
No, the buyer is not required to pay any interest. Also, an Escrow account does not earn any interest from the bank.
Is an Escrow account safe for depositing funds?
Yes, an Escrow account is absolutely safe for funds transfer between seller and buyers.
So what are you waiting for? Reach out to us on Facebook or visit our site at https://propertyyy.com/ .
