Square Yards has launched India’s first real estate digital escrow service to facilitate quick, efficient, and secure financial transactions between homebuyers, sellers, and agents. With this real estate escrow service, homebuyers/tenants can now make token amounts, security payments, and rental deposits, completely online in digital escrow accounts.
“Real estate transactions, especially in the secondary market, are still executed through unregulated structures that are characterized by a lack of trust, fragmented documentation process, and zero accountability. This in turn increases the risk of deal fallouts, failed transactions, and fraudulent activities, putting both buyers and sellers in the throes of legal anguish and deception,” said Tanuj Shori, Founder and CEO, Square Yards.
“Our digital escrow service will streamline this last piece of the property buying puzzle and usher in more transparency and compliance in the real estate sector. It will foster trust between counterparties and mitigate overall financial worries in a real estate transaction,” he said.
Square Yards has partnered with top banks and SEBI-registered trustees to ensure complete safety and transparency of the escrow account for clients. Transacting parties can open the escrow account digitally, through e-KYC, digital stamping, and e-signature procedures, using a fluidic digital escrow panel. Besides, everything from managing the escrow agreements, disbursing the payouts, to checking the escrow status, can be done digitally.
The digital escrow service will pave the way for faster transaction cycle times, reduced deal backouts, and added convenience for every party involved in the transaction process.
Square Yards has been constantly augmenting its transaction tech by bringing in innovative, new-age solutions to make real estate transactions safe and secure. The company had earlier simplified its transaction procedures across platforms by incorporating digitized booking forms, encrypted digital signatures, secured digital payment modules, and online rental agreements to make the real estate journey frictionless. The integration of digital escrow services into this tech stack will further provide impetus to its vision of creating a transparent and structurally sound transacting ecosystem.