Self-owned Fund Transfer Agreement for Stock House Transaction
Serial Number: 0000000000000000000000
Party A (house seller): XXX XXX
Party B (house buyer): XXXXXXX
Party C (district and county housing administration department):
Party A and Party B respectively sell and buy the stock house and have signed the Beijing Stock House Sales Contract (online contract No.: C00000000). According to relative regulations of Notice on Setting up Service Platform for Stock House Transaction, through discussion of Party A, Party B and Party C, hereby sign the agreement.
Article 1 Both Party A and Party B agree to use the account with name C00000000 and account number 0000000000000000 as the escrow account for stock house transaction fund (hereinafter referred to as the “escrow account”), and voluntarily deposit the self-owned transaction fund (hereinafter refer to “self-owned fund”) from Party B to the account as appointed in Beijing Stock House Sales Contract as well as entrust Party C to monitor the account. If the transaction succeeds, self-owned fund and its interest obtained during the deposit term will belong to Party A; if the transaction fails, both the principal and interest in the account will belong to Party B.
Party A opens the account at ICBC with account name xxxx xxx and account number 00000000000000000000. If the transaction succeeds, it will be served as receiving account for self-owned fund.
Party B opens the account at ICBC with account name HUANG Zhihong and account number 0000000000000000. If the transaction fails, the self-owned fund will be transferred to this account.
During the transaction process of the stock house, Party A and Party B can’t unsubscribe the receiving account and paying account above. The party who unsubscribe the account will bear the responsibility if funds can’t be transferred to the account.
Article 2 Fund supervision term: from the date Party B deposits self-owned fund into the escrow account to the date both parties complete the registration of property ownership transfer and self-owned fund is transferred to Party A.
If the transaction fails, from the date Party B deposits self-owned fund into the escrow account to the date both parties cancel stock house online contract and self-owned fund is transferred to Party B.
Article 3 Party C’s supervision obligation: during supervision period, Party C shall issue electronic order via stock house transaction service platform to require bank to transfer the escrow account self-owned fund. For capital loss of house transaction parties that are cause by Party C’s reason, Party C shall undertake relevant compensation obligation.
If the following situations occur, Party C will issue an electronic order via the stock house transaction service platform to release the supervision towards the self-owned fund, and transfer the self-owned fund deposited by Party B in the escrow account to the account of Party B.
1. Both Party A and Party B agree to cancel the Beijing Stock House Sales Contract, and log out the registration of online signed contract with Party C’s Agreement.
2. During the process of property transfer between Party A and Party B, the transfer registration cannot be processed because of unqualified conditions verified by house property registration department.
3. Conditions that the transaction fails due to limitation of right authority and others.
4. Other situations that fails to be achieved.
Article 4 Any dispute occurs between Party A and Party B during the stock house transaction should be solved by both parties without interruption from Party C. Party C will not bear any other responsibility except for supervising the fund appointed in the contract.
Article 5 If any right authority freezes or deducts fund from the escrow account, Party C will not bear any responsibility for any result induced by the action of freeze-up and deduction, but it is responsible to assist the supervising bank to prove the character of the escrow account and fund.
Article 6 If disputes happen when performing agreements, three parties should negotiate to settle. If negotiation fails, three parties will settle according to 2nd method:
1. To appeal to local People’s Court to which Party C belongs.
2. To file to Beijing arbitration committee for arbitration.
Article 7 The agreement is printed in quadruplicate and one is for each party, and each has equal law effect.
Article 8 The agreement takes effect from the date of signing or stamping by both Party A and Party B as well as stamping by Party C.
Party A (signature): xxxxxxxx (signature)
ID Card Number:
Contact Phone Number:
Party B (signature):
ID Card Number:
Contact Phone Number:
Party C (seal): (special seal for fund supervision)
Contact Phone Number:
Date:
