Square Yards launches India’s first real estate digital escrow service
A company release on Wednesday said the platform will now facilitate payments related to security deposits, token amounts and rents through digital escrow.
- Aug 3, 2022,
- Updated Aug 3, 2022 3:36 PM IST
Proptech firm, Square Yards has launched a platform that would allow people to carry out real estate transactions on its digital platform through escrow accounts.
The system will help carry out transactions between homebuyers, sellers and agents.
A company release on Wednesday said the platform will now facilitate payments related to security deposits, token amounts and rents through digital escrow. Square Yards is an integrated technology platform for real estate and mortgages and has global presence with footprints in UAE, Australia and Canada.
“Real estate transactions, especially in the secondary market are still executed through unregulated structures that are characterised 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. 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,” said Tanuj Shori, Founder and CEO, Square Yards.
A Square Yards statement said that the company 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, tenants, security deposits, rentals can now all be done 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,” it said.
Proptech firm, Square Yards has launched a platform that would allow people to carry out real estate transactions on its digital platform through escrow accounts.
The system will help carry out transactions between homebuyers, sellers and agents.
A company release on Wednesday said the platform will now facilitate payments related to security deposits, token amounts and rents through digital escrow. Square Yards is an integrated technology platform for real estate and mortgages and has global presence with footprints in UAE, Australia and Canada.
“Real estate transactions, especially in the secondary market are still executed through unregulated structures that are characterised 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. 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,” said Tanuj Shori, Founder and CEO, Square Yards.
A Square Yards statement said that the company 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, tenants, security deposits, rentals can now all be done 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,” it said.