Real Estate in Hyderabad. For property agents/sellers, the deal is sealed when the home buyer agrees to pay the token money. But, how do you accept it online with no physical documents to seal the deal?
Am a Licensed Real Estate Agent from TS-RERA in Hyderabad.
With the lock down to deal with the Coronavirus pandemic being extended in the country till May 3, 2020. Real Estate transactions will continue to be technology-driven across markets. From digital site tours to video walk through, investors are currently adhering to social distancing norms. while, making the most of the economic halt. Since, negotiations are on the table, deals with 100% refundable booking amount are luring buyers. However, who are seeking to own a home and have the cash to spend. For property agents/sellers, the deal is sealed when the home buyer agrees to pay the token money. On the other hand, how do you accept it online with no physical documents to seal the deal?.
Real Estate in Hyderabad should use official email IDs to communicate
Use your official email ID to acknowledge the payment. Which, received as token money. Since, the amount has been sent to the builder’s account, you have to mention that the acknowledgment is subject to the confirmation or realization from the builder’s accounts department.
Mention the expected turnaround time
Do mention the expected timeline for receiving a reply from the builder’ office. Which, could be up to 7-10 working days. Inform the buyer about any delays in response. However, arising from the limited workforce due to the COVID-19 pandemic. Also, tell the buyer that once the developer confirms the payment, he will directly send the confirmation to them on the registered email-ID.
Ask for proof of payment transfer
If, by any chance, the buyer has not attached the proof of NEFT/RTGS payment in the mail, ask for the transaction ID and the online slip/screenshot of the payment confirmation. This should be done in a single mail thread, to avoid multiple emails with similar communication. Also, confirm the total amount paid as a token, to avoid discrepancies.
Spell out the clauses clearly
This is a difficult time and buyers will be extra cautious, while investing right now. Therefore, you should mention some of the clauses very clearly, to avoid future problems. Suppose, if you are offering a refundable deal, mention that clearly and also the terms and conditions related to it. This includes last date of cancellation, agreed price and payment information.
Real Estate in Hyderabad formalities after the Coronavirus lock down is lifted
Once the lock down is over, you can send the application form (Expression of Interest) to the buyer, which has to be filled manually and has to be submitted to the builder’s office. Other documents including MoU, payment receipt, etc., can be also sent once the EOI is sent to the builder. The sale agreement can be drafted accordingly and can be signed, once everything gets back to normal.
