A new safeguard for homeowners has been launched in the UK property market offering estate agents and their clients protection from the financial and emotional turmoil caused by collapsed sales after exchange.
ClozeSure, developed with digital platform provider IS2, guarantees that sellers will still receive their full sale price even if their buyer withdraws before completion.
In such cases, ClozeSure immediately steps in to purchase the property, paying 90% of the price, with the buyer’s forfeited 10% deposit covering the balance.
The scheme is the first of its kind in the UK and is being positioned as a tool for agents to offer greater reassurance to vendors, particularly those in chains.
REDUCE FALL-THROUGHS
Sellers pay a fee of 0.06% of the sale price on completion, meaning there is no cost unless the transaction goes ahead.
For agents, the service aims to reduce fall-throughs, keep chains intact, and provide clients with peace of mind at a stage of the process where deals are often most fragile.
IS2’s Atlas platform underpins the technology, handling the process from quote to digital contract binding with DocuSign integration.
Simon Pritchard, managing director at IS2, says: “We’re thrilled to be ClozeSure’s partner on this exciting new project. They are set to take the market by storm – providing a simple but effective solution to an enduring problem that has always existed in the property market.
“It is the technology that we harness, traditionally applied in the commercial insurance market, that has finally made this solution a fast and efficient reality for the benefit of homeowners, conveyancers and estate agents up and down the country.”
AFFORDABLE SAFEGUARD
Peter Thompson, founder and director of ClozeSure, adds: “ClozeSure’s property purchase contract is something that you hope you never need to use but it’s there when things don’t go to plan, removing the logistic, financial and emotional pain associated with a transaction falling through at what is already an incredibly stressful time, particularly for those in a chain.
“It is an affordable safeguard that most sellers will never need, but one they’ll be immensely grateful for if things go wrong between exchange and completion.”
