Source: CNBC TV18 —
Digital escrow is a secure and efficient online service for holding, releasing and managing funds and documents between two transacting parties. An escrow account enables an unbiased third party, i.e., the escrow agent, to secure money or assets in their custody until all conditions regarding a specific transaction have been fulfilled.
Picture this – you’ve found the perfect house or office space, and have the required deposit or down payment to seal the deal. Then, you transfer the money through bank transfer or UPI to the seller you’ve been in constant touch with for weeks. The agent receives the money and promises to hand you the property in the next few days, stating that some last-mile formalities need completion.
So, you wait, and on the day you were supposed to hear back from the real estate agent, all you get is radio silence in return. The agent is unreachable, and there is no trace of him, except that you now know with certainty that you were being duped all this while!
Heartbreaking scenarios like these play out more often than we hear about them, robbing Indians from various walks of life of their hard-earned savings and dreams of owning a home, renting a better apartment, or leasing a commercial space. Fortunately, the advent of digital escrow services in India can safeguard the interests of both real estate buyers and sellers alike.
Here, Vineet Singh, Founder & CEO of Castler, a leading digital escrow platform in India, sheds light on how trusted, transparent and secure escrow services can save you from real estate scams. Castler is a global escrow platform offering domestic and cross-border escrow solutions.
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