Posted by: Richard Recuset | 10/15/2012

What happens if the buyer dies before closing?

There’s an app for that! No, just kidding. But guess what, there is insurance for that.

The chances of something like this happening (A buyer not making it to the closing date) is pretty remote, but it could happen. It happened to me once, and the lawyers made out like bandits. As you well know, accidents do happen, and we can be here today, but we never know if we’re going to be here tomorrow.

There is a new insurance product that offers such coverage. It gives sellers peace of mind knowing that the deal will be covered in case the unexpected happens.

The company’s name is AssureClose. The company guarantees closing following a buyer’s accidental death. Should that happen, AssurClose will buy the home. For an average home, the cost is less than $100.

Heirs will have two options:

  1. Heirs can walk away with refunded deposits on the purchase
  2. Or they can buy the home themselves at a 10 percent discount.

A company underwritten by Lloyd’s of London, Trawick International offers AssureClose. For more information, go to the AssureClose website.

teamDoral is a RE/MAX Premier Associates Group. Richard Recuset is a REALTOR®, team leader,  Short Sale Agent, Listing Marketing Specialist,Certified Distressed Property Expert (CDPE), Certified Internet Professional, and an Accredited Commercial Professional (ACP), serving the City of Doral, Fl., and surrounding areas.

When you hire team-DORAL for your real estate needs, you not only have highly qualified professionals on your side, but also access to information, markets, technology and a team of experts from around the world.
You tap into a global network with vast experience in residential and commercial real estate. That network comprises thousands of dedicated individuals, all with just one thing in mind: producing the best possible results for our clients.

*Nothing in this article is intended to solicit listings currently under contract with another broker.  This article offers no legal or tax advice and is for information purposes only.

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