Everything you Need to Know About Accepting Token Money Online
Apr 27, 2020 Home Trading Steps
When it comes to property buying or selling, homebuyers and sellers have moved to online purchasing during these times when a physical inspection of property or documentation is not possible. The property deal is sealed between the parties involved only after the token money is paid. But how can one pay and accept token money online with no physical document to attest to it?
We discuss everything you need to know about accepting token money online.
Currently, India is facing a national lockdown of 41 days till 3rd May 2020, and keeping the same in mind, all the real estate transactions and tours have taken the digital route. The builders and sellers are now providing virtual tours of the site to the homebuyers. The sellers are open to negotiations and deals with the entire refundable booking amount is luring the homebuyers into investing in real estate. The main question regarding the sellers is how to accept the token money online with no physical document?
We discuss everything you need to know about accepting token money online.
Currently, India is facing a national lockdown of 41 days till 3rd May 2020, and keeping the same in mind, all the real estate transactions and tours have taken the digital route. The builders and sellers are now providing virtual tours of the site to the homebuyers. The sellers are open to negotiations and deals with the entire refundable booking amount is luring the homebuyers into investing in real estate. The main question regarding the sellers is how to accept the token money online with no physical document?
- Official email IDs: It is advised that to acknowledge the payment of the token money received, one should use their official email ID. The amount is generally sent to the builder’s account, and you will have to mention that the acknowledgment is the subject to the amount paid to the builder’s account.
- Turnaround time: Since the workforce is limited and not working from the office, it is better to give the turnaround time of 7 to 1 working days for the builder’s office to reply to the buyer. It is also necessary to inform that once the payment is confirmed from the developer, they will directly send the confirmation to them on the registered email ID.
- Inform them about the clauses: When buying property online, one should be extra cautious. It is essential to inform the buyer about the clauses early, and so there’s no ground for misunderstanding later. If there are specific clauses and terms regarding cancellation, price, and mode of payment, the buyer must be aware of it before the deal goes through.
- Payment transfer-proof: If the buyer fails to attach the NEFT/ RTGS payment in the email sent, then ask for the transaction ID and the screenshot of the payment confirmation screen it is better if all the conversation regarding the transaction is carried out in a single thread to avoid the hassle of finding different emails. After you receive the payment from the sender, confirm the total amount paid to avoid any discrepancy in the future.
- Paperwork and formalities after the lockdown are lifted: After the lockdown is over, it is essential to send the application form to the buyer so that they can fill it manually. Other documents that need to be sent to the buyer are MoU, payment receipt, etc. the sale agreement can be drafted accordingly and signed between the parties involved once the lockdown is lifted and life has gone back to normal.
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