The Funds Custody of Second-hand House Trading is a process where ABC provides independent management of second-hand housing trading funds based on its creditworthiness, at the request of both parties, to the transaction.
Benefits
In recent years, the security of funds involved in second-hand housing trading has become a bigger concern, mainly due to lack of mutual trust between the buyer and the seller; inadequate creditworthiness of the broker; unwillingness of the seller to effectuate title transfer before receipt of full payment; and unwillingness of the buyer to make a full payment before the title transfer and to trust in the custody by the broker. Trends show that commercial banks providing security of second-hand housing trading funds based on their creditworthiness play a positive role in promoting and regulating the housing resale market.
Procedures
The buyer and the seller file an application → ABC reviews and approves the application → The buyer and the seller enter into a custody agreement with ABC → ABC blocks the housing purchase account of the buyer → The buyer and the seller complete title transfer and notify ABC to transfer funds → ABC unblocks the buyer’s account and transfer funds → Fund custody is terminated.
Documents Required for the Application
1. Identity certificates of the buyer and the seller;
2. Title deed of the housing unit to be transferred;
3. Housing resale contract;
4. Settlement account data of the buyer and the seller.
Follow-up Services Available
Customers may apply with us for a personal second-hand housing loan to finance his/her housing purchase.
Application Channels
Customer service department of ABC outlets authorized to provide the service.
Custody Fee
ABC charges a capped custody fee, no less than 0.1% of the fund in custody. How the custody fee is shared between the buyer and the seller is determined by the buyer and the seller. If the buyer applies for a second-hand housing mortgage loan at the same time, or the customer is recommended by a broker actively cooperating with us, the custody fee may be reduced or eliminated at our discretion.
Customer Service Center : 95599
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