Introducing India's 1st Digital Escrow solution for Property Resale
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 ProtectPay 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 (ProtectPay) 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, ProtectPay 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. ProtectPay holds the fund, releasing it only when all the terms of the contract are satisfactorily met.
Funds are deposited in ProtectPay’s Digital Escrow Account powered by ICICI bank
Funds are released only after approval of both parties (Buyer & Seller)
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 Buyer and Seller registers/login on ProtectPay, fill in details and agree on terms & conditions.
ProtectPay will release the funds after both parties have authorized the transfer. Funds are transferred to Seller if sale deal is successful, otherwise funds will be transferred to Buyer on cancellation.
Escrow accounts keep the Advance Deposit money safe for both the Buyer and Seller involved in property sale transaction. This amount is kept in a secure bank account and the Seller will have the right to get monthly interest benefits on this.
Both Buyer and Seller will have access to a secure personal ProtectPay account from which they can view all details and balance available in the Escrow account. In case of queries, support will be available from ProtectPay.
With the creation of an Escrow account, the security deposit is never directly transferred to Seller but will be kept in a safe Digital Escrow Account.
In case transaction is cancelled, funds will be transferred back to Buyer after getting authorization from both the parties involved.
ProtectPay 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 transaction is cancelled, funds will be transferred back to Buyer after getting authorization from both Buyer and Seller.