Square Yards has come up with the country’s first-ever digital escrow solution for enabling better, quicker, and safer transactions between agents, home buyers and sellers. With this pioneering service, tenants or home buyers may make security payments, token amount payments, and rental deposits fully online via digital escrow accounts.
The Founder and CEO at Square Yards, Tanuj Shori, stated that transactions in the real estate sector, and particularly in the secondary market, are still done through structures that are unregulated, equating to zero trust, accountability, and fragmented procedures in terms of documentation. This leads to higher risks of deals going bust, transaction failures, and frauds, putting both sellers and buyers into deceptive and legally hassling scenarios according to him.
He added that digital escrow solutions from Square Yards will help in streamlining the “last piece of the property puzzle,” as he calls it, while ensuring higher compliance and transparency alike. It will build more trust between all the parties, while combating overall risks/worries throughout real estate transactions. Square Yards has tied up with trustees (SEBI-registered) and leading banks for ensuring total transparency and safety of escrow accounts for all its clients. Parties may digitally open escrow accounts via the e-KYC system, e-signature facilities, and digital stamping, via the fluidic digital escrow panel. Every function like payout disbursal, escrow agreement management, and escrow status checking can be digitally executed.
Digital escrow services will ensure swifter timelines for transactions, along with lowering the chances of deal failures, and enhancing overall convenience for all the involved parties. Square Yards has been continually scaling up its transaction-linked technologies, ushering in pioneering and modern solutions for enhancing the safety of real estate transactions. Square Yards had previously simplified its procedures for transactions through encrypted digital signatures, digitized forms for bookings, online rental agreements, and secured modules for digital payments, thereby ensuring a smoother property-buying journey. Integrating digital escrow solutions into the core tech stack is another step towards its goal of developing a structurally-robust and transparent real estate ecosystem.
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