Selling property leaves your clients exposed to risks that you can’t control. You can stay in control with ClozeSure, knowing that whatever happens with their buyer, their property can be sold within the agreed time frame.
This will allow your clients onward purchase, or other commitments, to go ahead. See details of our acquisition process for more details.
Whilst the risk of buyer failure post-exchange is remote, the consequences for your clients can be devastating.
ClozeSure can give your clients certainty from exchange of contracts and helps you secure your reputation. All you need is to mention the risk and include the solution in your client questionnaire.
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No, they are not obliged to sell their property to ClozeSure and are free to keep their property or sell it to another party.
ClozeSure is a Purchase Option Agreement granted by us to the property seller, that obligates us, if triggered by the seller, to acquire the property in the event that the seller’s contract of sale fails due to their buyer’s default.
No. ClozeSure is not a contract of insurance, nor an insurance company.
The ClozeSure Group is a well funded property company who aim to acquire and profit from the ownership of saleable residential properties in England and Wales.
ClozeSure is a Purchase Option Agreement, where the seller has the option to oblige (or not) ClozeSure to purchase their property for 90% of their agreed sale price in the event that their buyer pulls out following exchange of contracts (forfeiting their deposit).
If your client's buyer has failed to complete on the contractual completion date, it is assumed you will be instructed to serve a Notice to Complete. This is the point at which your client must trigger the ClozeSure guarantee.
This is so that the ClozeSure solicitors can immediately undertake the necessary due diligence and prepare the appropriate paperwork to effect a transfer to ClozeSure if your client's buyer fails to complete within the relevant Notice period.
You will need to send a full conveyancing pack to the ClozeSure solicitors and respond promptly to any enquiries they may raise and, of course, you will need to approve the relevant transfer paperwork. How you document your relationship with your client is entirely a matter for you in terms of client care letters, etc. but you may wish to make provision for any additional costs you may incur in dealing with the ClozeSure solicitors.
ClozeSure's solicitors will be instructed to use all reasonable efforts to achieve completion of your client's property (for 90% of the original purchase price) immediately after the Notice to Complete has lapsed (assuming the original buyer fails to complete).
