Magicbricks teams up with Escrowffrr to offer services to the resale market

December 25, 2019
Share this Post: 

Magicbricks.com integrates Escrowffrr to offer escrow account facility to the resale market.

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.

Read more here

Join us February 26-27 for the Property Portal Watch Conference Bangkok 2020.

Property Portal Watch Bangkok Conference, 2020

December 25, 2019

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Nils K
Ringier's Nils Körber on ArtificiaI Intelligence, Training the Machine, and Talking about Problems

"What would you do with one million interns?" The award for the best question at the PropTech and Portal Watch...

Read More
Untitled Design 13
As OnTheMarket Hits 15,000 Advertisers, Zoopla Fights Back with Big Agency Deal

The British property portal Zoopla has announced a new long-term listings deal with Dexters, one of London's top agencies with...

Read More
Untitled Design 12
LeBonCoin Suffers Data Leak and Boliga Comes Under Cyber Attack on Same Weekend

LeBonCoin, the leading French horizontal marketplace owned by Adevinta, has acknowledged that some of its users' personal information was exposed...

Read More
Number 2S Challenging Hero Image 2
Analysis: Can Zoopla, Realtor.com and Domain See Off Challengers and Close the Gap to Market Leaders?

Well-funded challenger portals have been generating a lot of headlines in the industry recently. CoStar has been explicit about its...

Read More

Editor's Pick