Introducing India's 1st Digital Escrow solution for Real Estate
An escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. It helps make transactions more secure by keeping the payment in an escrow account. The amount is only released when all the terms of an agreement are met as overseen by the escrow company.
Escrows are very useful in the case of a transaction where a large amount of money is involved, and a certain number of obligations need to be fulfilled before a payment is released. As in the case of a house rental, where Tenant gives security deposit to Landlord who holds the funds till the end of tenure. In this case Castler secures the funds on behalf of both the parties and transfers it at the end of the tenure after confirmation from both the parties
Escrow account services involve an arrangement where a third party (Castler) plays the part of a trust-enabler in a transaction between two parties. While traditional escrow service is quite difficult and must be obtained through banks and lawyers, Castler provides online escrow services at affordable rates.
While the payment is ‘In Escrow’ the transaction can be safely carried out without the risk of losing money due to fraud. This eliminates all legal jargon, allows for secure transactions and confident Landlord and Tenants. Castler holds the fund, releasing it only when all the terms of the contract are satisfactorily met.
Funds are deposited in Castler Digital Escrow Account powered by ICICI bank
Funds are released only after approval of both parties (Landlord & Tenant)
Funds are in custody of Trusteeship company which is a legal entity that manages funds on behalf of a beneficiary for their benefit.
A trustee company is a legal entity that manages and invests funds on behalf of a beneficiary for their benefit. A trustee is an individual or company performing a fiduciary duty of managing a trust. When you are trusting someone with your assets you create a “Trust”. The overseer of those assets is the trustee. Trustees administer assets or property for the benefits of another.
Digital Escrow Account is created instantly, as soon as Tenant and Landlord registers/login on Castler, fill in details and agree on Rent Agreement terms.
Castler will release the funds after the end of tenure or when both parties have authorized the refund of security deposit. Funds are released to the Tenant, the same or next business day after successful completion of rental tenure and upon verification by Castler
Escrow accounts keep the security deposit money safe for both the Landlord and Tenant involved in a Rental Agreement. This amount is kept in a secure bank account and the Landlord will have the right to get monthly interest benefits on this.
In case of any damage to property, Landlord has the right to raise a claim amount that will be deducted directly from the security deposit kept in digital escrow account. In case of dispute, there will be separate options for quick settlements.
Both Landlord and Tenant will have access to a secure personal Castler account from which they can view all details and balance available in the Escrow account. In case of queries, email based support will also be available
With the creation of an Escrow account, the security deposit is never directly transferred to Landlord but will be kept in a safe Digital Escrow Account. Once the rent tenure is over, the Tenant can easily raise a refund request and close the account
Castler will create a secure deal agreement which will have to be agreed on by both parties. The Terms and Conditions mentioned here will be locked and stored in a secure cloud environment during the period of the tenure. Only if both parties agree to change this, will a modification be allowed.
In case of circumstances where the tenure needs to be ended all of a sudden, security deposit amount can be released instantly from escrow account. This will involve an approval from both Landlord and Tenant, after which the refund amount will go back to Tenant and claim to Landlord (if any).
In the event when the Seller has not shipped the goods within ten days of notification by Castler (through its email or posting on the Castler Portal) of Buyer’s deposit of immediately available funds, Buyer may request a return of funds, less the escrow fee, and Castler will do so after notifying both parties.