If my client has purchased ClozeSure and triggers it due to the failure of my client’s purchaser, what are my responsibilities?

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 ClozeSure.

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).