Online property classified platform Magicbricks has tied up with digital payments platform Escrowffrr to provide escrow account facility for people buying-selling properties in secondary or resale market.
Magicbricks has integrated escrow account facility on its property display page and the service will be available in seven major cities.
The escrow account service would strengthen consumer confidence and bridge trust deficit in the secondary real estate market, Magicbricks said.
Once the seller agrees for transaction, the buyer can deposit the initial booking amount on the property display page.
Under this facility, booking amount would be returned to buyer in case the transaction fails due to any reason like buyer not being able to secure a home loan or incomplete property papers among others.
“According to industry estimates, since 2006 real estate transactions worth USD 3 billion are disputed. This brings the focus on the need for escrow accounts for transactions in the secondary market…” Magicbricks CEO Sudhir Pai said.
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