If an agent handles a home purchase payment, use its dedicated bank account for client transaction funds
A home payment of hundreds of thousands to millions of RMB is among this book's largest single transactions. Under Chinese rules, an agency handling it must use its dedicated client transaction-settlement bank account; do not transfer through WeChat to an individual broker. Two agencies sharing one deal may charge only one transaction's commission. Mortgage and registration services need separate contracts and advance fee disclosure.
What it takes
Free. Insisting on the dedicated account may require pushing back.
What you may gain
Where parties agree that a real-estate brokerage will collect and remit transaction funds, China's brokerage rules require transfer through the dedicated client transaction-settlement deposit account it has opened at a bank. This is a designated account, not the agency's ordinary funds account or a broker's personal account.
Context & considerations
Do not send a home purchase payment to a broker's WeChat account. Watch for duplicate commissions by cooperating agencies and undisclosed fees for mortgage or transfer-registration assistance. Those additional services need separate contracts and prior price disclosure. Label transfers as in entry 6.
Research & references
Ministry of Housing and Urban-Rural Development, National Development and Reform Commission and Ministry of Human Resources and Social Security (2011). Real Estate Brokerage Management Measures, Order No. 8, amended by Order No. 29 in 2016. Article 24 requires the dedicated client-settlement account; Article 18 requires prominently displayed service items, contents and fees; Article 19 permits only one transaction commission when multiple agencies cooperate and prohibits extra charges to the client; Article 17 requires explanation of scope/fees, client consent and a separate contract for loan or registration services. http://www.gov.cn/gongbao/content/2011/content_1918920.htm