Lesson 12 · Home Closing Insurance · For agents
Is my commission protected if the buyer defaults?
The short answer
With home closing insurance, it can be. The seller is the insured party and the agent's commission is one of the seller's covered costs. If the buyer defaults, half is advanced and the rest is paid when the home re-sells. The seller doesn't pay anything until the deal is firm.
Key facts
- Insured party
- The seller
- Your commission
- One of the seller's covered costs
- On a default
- Half advanced, the rest paid when the home re-sells
- Seller pays
- Nothing until the deal is firm
- Get started
- Join free at securemyoffer.com/membership
Transcript
Read the full transcript
Is your commission protected if the buyer defaults?
Without coverage, a buyer who walks from a firm deal can cost you the closing, your time, and your commission.
With Home Closing Insurance, it can be protected.
Here's how it works.
Your seller is the insured party.
And your commission is one of their covered costs.
If the buyer defaults, half is advanced, and the rest is paid when the home re-sells.
So in one conversation, you protect your seller's equity, and your own pay.
And your seller doesn't pay anything until the deal is firm.
Join free as an agent, at SecureMyOffer dot com slash membership.
Summary only. Coverage, eligibility and conditions are governed by the policy and surety documents. Questions about coverage? Talk to a licensed broker at 1-833-766-2329.
