A new solution designed to protect homeowners from last-minute failed transactions has launched in the UK, promising to offer sellers certainty that they will receive their agreed sale price even if their buyer withdraws between exchange and completion.
ClozeSure, developed with digital platform and insurance distribution specialist IS2, promises to step in as the purchaser should a sale collapse during this critical stage.
The company pays 90% of the sale price directly, with the remaining 10% covered by the defaulting buyer’s forfeited deposit.
The scheme, which charges sellers a fee of 0.06% of the sale price on completion, is being promoted as the first of its kind in the UK property market.
It is designed to ease financial risk and stress for sellers, while also supporting estate agents and conveyancers in keeping chains intact.
IS2 is providing the technology behind the launch through its Atlas platform, which powers the sales process from initial quote to digital contract binding via DocuSign integration.
Simon Pritchard, managing director at IS2, said: “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, added: “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.”
