Digital platform and insurance distribution solutions provider, IS2, has announced the launch of ClozeSure, a new solution for the property market that guarantees the sale of residential property, post-exchange.
The solution aims to remove the financial uncertainty and emotional stress often associated with last-minute aborted sales.
If the sale falls through between exchange and completion, ClozeSure steps in and purchases the property, so that the seller still receives 100% of the agreed sale price.
Designed to support sellers, estate agents, and conveyancers, ClozeSure guarantees that sellers will receive 100% of their agreed sale price if their buyer fails to complete.
Sellers pay a fee on completion of 0.06% of the sale price. If the buyer fails to complete, ClozeSure immediately steps in as the new buyer, paying 90% of the agreed sale price. The remaining 10% is covered by the original buyer’s forfeited deposit, which goes directly to the seller.
IS2 is ClozeSure’s lead technology partner, providing the digital platform that powers its new solution. IS2’s Atlas platform provides the single source of data and manages the ClozeSure sales process from quote through to digital bind with DocuSign API integration.
ClozeSure is available for residential properties in England and Wales.
Simon Pritchard, managing director at IS2, commented: “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.”
Peter Thompson, founder and director of ClozeSure, said: “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.”
