If you want to ensure the safety of the second-hand house transaction fund, please apply for the second-hand transaction fund monitoring.
The service is provided by CMB to ensure the safety of the second-hand house transaction fund. The fund will be deposited in an independent custodial account. After the transaction is completed with the house ownership is transferred, the bank will transfer the fund from the custodial account to the beneficiary account jointly specified by both parties of the transaction.
The fund will be deposited in a specific account that is independent from both parties of the house transaction and the house agent, therefore ensuring the safety of the fund.
Once being deposited in the custodial account, the fund will be monitored strictly. Either party of the transaction cannot apply for money transfer until the house ownership is transferred.
Strict transfer requirement
The transfer of the fund from the custodial account must obtain approval of both parties of the transaction. The fund can only be transferred to the account jointly specified by both parties of the transaction.
Second-hand house purchase
All the contents stated above are for your reference only. Please consult the local branch of China Merchants Bank for further information. China Merchants Bank reserves the ultimate right of interpretation for the contents in this page.