Escrowpay Fee Protect

Safer and fully protected transactions for every real estate project

As a channel partner in real estate, we understand that you are the backbone of every deal, but unfortunately, your payments can get delayed.

Escrowpay Fee protect is a unique offering designed for channel partners. Our platform not only ensures that your client transactions are safe, secure, and successful but your fee/brokerage income is also assured and protected.

Frequently Asked Questions

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  • Process
    1. What is the process?
    • Get Escrow Ready
    • Invite counter-party
    • Complete Transaction
    2. How does it work?
    • Buyer becomes escrow ready, and invites seller and channel partner to setup an escrow account.
    • After signing agreement, Buyer deposits advance money in a Bank powered escrow account
    • On instructions of buyer the escrow company releases the deposit to seller minus escrow fee and brokerage.
    • In case of failure, funds return to the buyer minus escrow fee and any other deductions as per the terms in the agreement.
    3. What are the required documents to initiate the process?
    • The buyer, seller and the Channel Partner (if applicable) will upload KYC documents for Proof of Identity and Proof of Address such as PAN (mandatory) and any one of Voter’s Card, Driving License, Passport etc.
    • All incorporated entities (like company, partnership etc.) will upload PAN (mandatory) with COI and any one proof of address like GSTN, Telephone Bill etc.
    4. How much time it would take to set up the account?
    • Once you are escrow ready the whole process is online and ideally if all your documents are uploaded it takes 10 minutes to set up the escrow account
    5. If seller is not able to meet the deadline of sale deed/possession then what?
    • The agreement can be mutually extended as per terms of the original Agreement to Sell.
  • Services
    1. Can I use your digital escrow service for a transaction type other than property transaction?
    • At the moment our escrow platform can be used for property transactions only but we are soon launching various verticals for all kinds of payments.
    2. Can I use your service for rental purpose?
    • We are launching our new escrow rental product.
  • If You Are a Buyer
    1. I am buying a land can I use it?
    • Yes, definitely. Escrowpay can be used for any property transaction where property is within India
    2. I am planning to buy a home but I need Home Loan would it work?
    • Yes, it would work. We too can help you apply for home loan.
    3. If as a buyer, I am not happy with the property deal after depositing the advance money can I seek refund?
    • Yes, you will upload the Cancellation Letter and the advance money will flow back to your designated bank account minus escrow fee and any other fund settlements as per your final settlement agreement.
    4. If seller is not able to meet the deadline of sale deed/possession then what?
    • The agreement can be mutually extended as per terms of the original Agreement to Sell.
    5. How to deposit the advance money in the escrow account?
    • You can deposit the advance money through the EazyPay option of ICICI Bank available on escrowpayindia.com. There is no need to create a new payee.
    6. I am not able to see the buyer’s/seller's document in the dashboard.
    • The common dashboard provided to you is updated on real time basis. If you cannot see documents uploaded, the documents may not have been uploaded. Please wait for some time and check again.
    7. If the deal is canceled, would escrowffrr still charge the fee?
    • Yes. Our fee is agnostic of the outcome of the deal. We currently charge a nominal flat fee of Rs.5,000/- plus GST i.e. ₹5,900/-.
    How can I verify the buyer’s/seller's document uploaded by him?
    • Currently, we do not provide title verification services. The buyer can do that on his own outside the platform in cooperation with the seller & broker.
    If seller cancels the deal?
    • The money flows to the buyer minus escrow fee and settlement as agreed under your signed agreement.
  • If You Are a Seller
    1. I am a seller, do I need to pay the escrow fee
    • No, only the buyer needs to pay the escrow fee.
    2. I am not able to see the buyer’s/seller's document in the dashboard.
    • The common dashboard provided to you is updated on real time basis. If you cannot see documents uploaded, the documents may not have been uploaded. Please wait for some time and check again.
    3. If seller cancels the deal?
    • The money flows to the buyer minus escrow fee and settlement as agreed under your signed agreement.
  • NRI Customers
    I am an NRI, can I use escrow services in a real estate transaction in India
    • Yes, NRI’s can use Escrow services just like a resident Indian. However, they do need to adhere to RBI guidelines governing real estate transactions and transfer of funds.
  • If You Are a Realtor/Agent
    1. Why should a Realtor use Escrowpay?
    • Realtor must use Escrowpay to provide safety and security to his clients and also to receive his full commission/service fee/brokerage on time.
    2. How can a Realtor register on the platform? 3. Do Buyer and Seller also visit Escrowpay for the Realtor’s fee protection?
    • Yes. All three stakeholders in the deal i.e. the Realtor, Buyer & Seller need to register and set up a deal to carry out the transaction. The process is simple and user friendly and an escrow account can be set up in 5-7 minutes.
    4. Does Escrowpay perform title verification of the property too?
    • No. We do not provide title verification services. The due diligence of the property must be done by the Buyer. Escrowpay is just a digital payments platform providing safe and secure mode of paying to a Seller.
    5. Is TDS deducted on the brokerage during the process?
    • TDS deduction is made by entities holding a TAN. Most clients are individuals and do not have a TAN. Corporate Clients holding TAN deduct TDS @ 5% from your brokerage and deposit only 95% in the escrow account.
    6. To set up an Escrow Account, is there any need to visit Escrowpay or the Bank?
    • No. As the entire process is online, you can set up and transact from any place and at any time.
    7. Can the Buyer use Escrowpay even if he plans to take the home loan to buy the property?
    • Certainly. In case of a bank loan, the Bank usually finances up to 75% of the property value. To avail the Bank Loan, the Buyer has to pay 25% of the property value as down payment from his own funds and enter into an Agreement to Sell (ATS). The Buyer can deposit up to 25% of the property value in the escrow account and enter into an ATS digitally. This ATS can be submitted to Banks to provide the Loan subject to the Buyer meeting other eligibility conditions of the Bank.
    8. On whose instruction the money moves from the escrow account?
    • When the deal is successful, joint instructions are given by both the Buyer & Seller to transfer the money to the Seller and the Realtor. If however, the deal is unsuccessful, the Buyer uploads cancellation instructions and the money is refunded to the Buyer.
    9. How much do you charge for protecting our brokerage/service fee?
    • We charge a nominal fee of Rs.5000/- per transaction. We also have various packages for Small, Medium and Large Realtors. Please register as an ETA at https://app.escrowpayindia.com/#/signupeta and view the offers on your dashboard.
    10. Can the deal be extended to a later date for execution/registration?
    • Yes. Both the Buyer and the Seller should inform 7 days before the deal completion day and extend the time period at a nominal fee of Rs.999/- per extension.
    11. Can the Buyer or Seller add, delete or modify the standard agreement to sell provided by Escrowpay?
    • Yes. This is possible. However, the flat fee of Rs.5,000/- gets revised to anything between Rs.25,000/- to Rs.5,00,000/- on a case to case basis.
    12. How many Realtors are associated with you? Where are they based out of?
    • More than 700 top Realtors are enrolled as “Escrow Trust Advisors” in top 10 cities across India and the number is growing every day. The enrollment process is simple and you can register as an ETA at https://app.escrowpayindia.com/#/signupeta
  • Fee Structure
    1. What is your fee? Do you charge flat amount or on the percentage basis?
    • Our escrow ready registration fee is ₹99/- per person.
    • Our transaction fee currently is ₹5,000/- plus GST i.e. Rs.5900/-
    • Our fee for extension of ATS is ₹999/- per extension
    • Our brokerage protection fee is ₹5,000/- plus GST

Do You Have Any Questions