COVID-19: How to accept token money online?


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? Housing.com News tells you the nitty-gritty of accepting the token money online

With the lockdown 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 walkthroughs, 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 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 but how do you accept it online with no physical documents to seal the deal? Housing.com News tells you the nitty-gritty of accepting the token money online.

 

Use official email IDs to communicate

Use your official email ID to acknowledge the payment 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/realisation 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, 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.

 

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.

 

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.

 

Formalities after the Coronavirus lockdown is lifted

Once the lockdown 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.

 

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