Understanding the Assurance Amount

In the construction and homebuilding process, unexpected challenges such as supply chain disruptions, labor shortages, or unforeseen delays in finishing work can arise. These issues might lead to a situation where the home is not fully complete by the closing date, causing concern for the buyer.

The assurance amount, managed by Foolproof Closings, is a practical solution in such scenarios.

This arrangement involves setting aside a part of the transaction funds after closing, specifically to address these unresolved issues. Foolproof holds these funds, providing an incentive for the builder to complete the remaining tasks while giving the buyer confidence that their new home will be finished to meet their expectations.

When Having an Assurance Amount Set Aside is Useful

The assurance amount, facilitated by Foolproof Closings, is particularly valuable in scenarios like final walkthroughs when unresolved issues are discovered but there is not enough time to resolve.

It provides a structured approach for builders to complete their tasks post-closing, with Foolproof Closings acting as a neutral third party.

This arrangement not only secures the interests of both buyer and seller but also ensures that the builder is motivated to fulfill their commitments promptly and efficiently.

Foolproof Your Closing

Understanding the Assurance Amount

When Having an Assurance Amount Set Aside is Useful

How The Process Works

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Foolproof Your Closing

Understanding the Assurance Amount

When Having an Assurance Amount Set Aside is Useful

How The Process Works

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