A new product called ClozeSure is offering property sellers protection in the event their buyer pulls out after exchange of contracts – a period often considered the most vulnerable stage in a property transaction.
Designed to support sellers, estate agents, and conveyancers, ClozeSure guarantees that sellers will receive 100% of their agreed sale price, even if the buyer fails to complete. The solution is the first of its kind in the UK and aims to remove the financial uncertainty and emotional stress often associated with last-minute fall-throughs.
From the moment of exchange, ClozeSure, which is actively looking to partner with estate agencies, conveyancing firms, and property portals to bring this solution to market, acts as a safety net, ensuring that sellers can move forward with confidence – whether they’re upsizing, downsizing, or relocating.
Sellers pay a fee after completion – 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 price upfront. The remaining 10% is covered by the original buyer’s forfeited deposit, which goes directly to the seller.
This structure not only ensures the seller is made whole financially, but also seeks to provide speed, certainty, and continuity, avoiding costly delays or chain collapses.
ClozeSure is backed by a seasoned leadership team with deep roots in financial services and technology. It was founded by Peter Thompson, one of the founding principal partners of St. James’s Place Wealth Management PLC, and Phil Beville, whose background spans St. James’s Place, Credit Suisse First Boston, and Microsoft.
Together with a specialist team of experts from the finance, property, and tech sectors, ClozeSure is poised to offer a transformative solution to one of the most persistent risks in residential property sales.
Peter Thompson, founder and director of ClozeSure, said: “ClozeSure 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.
“For agents, ClozeSure can greatly enhance your service offering for customers and help you stand out in a competitive marketplace, while also creating additional income through referrals.”
Read the orginal article: https://propertyindustryeye.com/new-scheme-guarantees-sale-price-if-buyer-pulls-out-after-exchange/
