Second-hand housing fund custody means that the transaction amount between the buyer and the seller is managed by a third party (recognized by the Housing Authority), and the funds are temporarily frozen during the transfer formalities, and can only be applied by the seller until the transaction between the buyer and the seller ends. Second-hand housing transactions with funds custody will not cause default or disputes, which provides protection for buyers and sellers.

1. What are the benefits of fund custody for buyers and sellers?

1, convenient and safe fund settlement

The funds between the buyer and the seller need not be delivered by themselves or through intermediaries, but are entrusted by government departments and received and paid by bank settlement. On the one hand, it is convenient for consumers to access a large amount of house money nearby and avoid the risk of large cash flow.

2. Pay interest on custody funds

After the house transaction is completed, the buyer receives the title certificate, and the fund custodian instructs the bank to pay the house price together with the interest during the transaction to the seller.

3. Convenient service without delay

After the house transaction funds are entrusted, if the ownership registration authority agrees to register and issue the house transaction after examination, the buyer and the seller can get the property right certificate or house payment after 15 days from the date of registration.

2. How long can I get the house payment after applying for transaction fund custody?

1, full payment: for the one-time payment transaction, the seller can complete all procedures within 15 days;

2. Loan: If you apply for housing through provident fund or commercial loan, the housing management department will issue other warrants to the loan bank within 7 working days. After the bank transfers the loan to the escrow account, the buyer will receive the title certificate and the seller will also receive the house payment.

Third, what is the second-hand housing fund custody process?

1. The buyer and the seller (or in an intermediary company) sign the original real estate license, go to the bank to sign the fund custody agreement for the stock house transaction and open a bank card or passbook;

3. The buyer will transfer the down payment of transaction funds to the bank and notify the bank;

4. The bank confirms receipt of payment and informs both parties to the transaction;

5. The buyer and the seller handle the transfer procedures of second-hand houses;

6. The buyer and the seller shall submit a copy of the Receipt for Registration and Acceptance of Real Estate Transactions to the bank for verification;

7. After the bank verifies that it is correct, transfer the funds to the collection account set up by the seller;

8. After receiving the down payment, the seller will continue to handle the formalities of property right transfer.

9. The buyer will transfer the final payment to the bank and transfer the house payment to the seller after the successful transfer of property rights.

No fund custody: the seller may not get all the house payment.

As the property buyers do not manage the property, there is no guarantee that the property buyers have enough funds and house payment to pay on time. Therefore, it is likely that the house transfer is good, but the house seller fails to collect the house payment, so the security of the transaction cannot be guaranteed.