My buyer fails to complete contracts on the agreed completion date. What should I do and what happens next?

If you wish to trigger the guarantee, you should immediately advise ClozeSure, who will start the acquisition process.

Your buyer will be given (via the conveyancers) a Completion Notice, giving the buyer ten days to complete the purchase.  If the buyer fails to complete, your sale will be deemed to have failed and your defaulting buyer will forfeit their 10% deposit.  If you wish to trigger ClozeSure, we will purchase the property and pay 90% of the original sale price.   ClozeSure will do everything it can to complete its purchase immediately after your buyer has finally defaulted (usually 10 working days after the failed completion date).  This is not a guaranteed performance target, but ClozeSure will work hard to try and achieve it.   It is essential that your conveyancer works with the ClozeSure conveyancer as quickly as possible (such as providing a full sales pack of title documents, replies to enquiries, etc).

On completion, your conveyancer will deduct their fees, pay any estate agent’s fees, redeem any mortgage on the property (if you have one) and then send you the remaining proceeds of sale.