RE/MAX partners Escrowffer to provide escrow a/c to property buyers in resale mkt

Global real estate broking firm RE/MAX India today said it has tied up with Escrowffer.com for providing escrow account services to property buyers in a resale market.

RE/MAX India has a network of more than 300 brokers and over 100 franchisees across the country, while Escrowffer is an online escrow platform powered by ICICI Bank.

The escrow services are primarily a buyer protection initiative which enables them to protect their advance deposit and transact worry free.

But, it will benefit sellers and brokers as well. Buyers will be charged a flat Rs 5,000 plus GST and there are no charges for sellers and brokers, RE/MAX and Escrowffer said in a joint statement.

"The secondary/resale property transactions market is valued at USD 15 billion and has usually witnessed a huge trust deficit due to property related litigations," said Yatin Sharma, COO RE/MAX India.

This offering will bring about the much-needed transparency in the ecosystem and will go a long way in bridging the prevalent trust deficit, he added.

Ashwin Chawwla, Founder & CEO, Escrowffer said this strategic tie-up will strengthen Escrowffer network by giving access to geographies where RE/MAX is a market leader.

"We are poised for exciting times in the Indian real estate market and the adoption of various innovative global best practices such as escrow will make it more secure and convenient for users to transact in a worry free manner," he added.