Real estate transactions in India involve large sums of money, making them risky affairs. While primary sales are protected by the government under RERA, secondary sales on online real estate platforms like MagicBricks lack such protection. This is where Castler Escrow Services come in, providing a transparent and secure way to conduct secondary market sales. Here’s how it works:
1. Buyer and Seller Agree to Terms: The buyer or seller initiates the sale, and all parties agree on the terms of the transaction and inspection periods.
2. Buyer Pays Castler Escrow Services: The buyer submits the booking amount to our secure account in a partnered bank, such as ICICI. Once payment is verified, the seller is notified that funds have been secured with Castler Escrow Services.
3. Seller Gives the Keys to the Buyer: Upon payment verification, the seller is authorized to provide the keys to the buyer for inspection over a pre-decided interval.
4. Castler Escrow Services Pays the Seller: Once the buyer takes possession and title is transferred, Castler Escrow Services releases the funds to the seller.
By using Castler Escrow Services, buyers can participate in real estate sales without fear of losing their hard-earned money, increasing overall sales through online real estate merchants.
In addition to increasing sales, Castler Escrow Services can also prevent common scams and frauds in the industry, such as false promises, assured rental returns, title frauds, deliberate delays, and delayed approvals. By keeping the buyer’s money secure and only dispersing the amount to the seller when the deal is finalized and the buyer is satisfied, Castler Escrow Services provides a secure way to conduct real estate transactions and prevent fraud.
