RE/MAX, the largest real estate company in the United States and Canada, has partnered with Nexus-supported startup Escrowffer to launch India’s first escrow service for resale property transactions. This strategic partnership aims to cover 2500 escrow service transactions totaling over INR 2500 crores ($38 million). These services will be provided through RE/MAX’ broker network to secondary home buyers.
While primarily a buyer protection initiative which enables them to protect their advance deposit and transact worry free, it is equally beneficial for sellers and brokers. Buyers will be charged a one time set up fee of INR 5,000, but the service will be free for sellers and brokers.
The secondary/resale real estate market is valued at $15 billion in India and is plagued with property related lawsuits. This service will go a long way to solve this problem by bringing a much-needed transparency to the ecosystem. This partnership will prove to be win-win offerings for buyers, sellers and brokers to bring in more transparency in the ecosystem.
This RE/MAX – Escrowffer partnership will enable complete security for buyers and sellers in secondary/resale property deals.
RE/MAX India has a network of more than 300 brokers and 100 franchisees across India. RE/MAX blends the administrative skills of its franchisees and the salesmanship skills of its Broker Associates and creates an organized and professional framework, where consumers would not only be able to buy and sell real estate but also to find financial and legal assistance.
Escrowffer was part of the first cohort of Nexus. Escrowffer powered by ICICI Bank offers a neutral “escrow” bank account that secures buyers and sellers in a resale property transaction. It assures complete transparency and helps users transact in a secure and worry-free manner. For details visit: www.escrowffer.com
Nexus supports entrepreneurs through its flagship pre-incubation program, an intensive 10-week business mentoring program to help startups to successfully enter the market and scale up their businesses. Nexus is currently accepting applications for its 4th cohort which will start on May 26. The deadline to apply is May 6. Apply now at: www.startupnexus.net/incubator