Benchmark Closing Guarantee:
Subject to the terms below*, we will offer the following guarantees:
On time closing guarantee:
We will pay the seller of the property a $500 per business day penalty if we are late on closing.
Buyer's Earnest Money Deposit Guarantee:
If we cannot approve the buyer's loan after getting into escrow, we will reimburse for any 3rd party costs incurred in the transaction, including any loss of earnest money deposit.
*Not valid with any Housing Finance Authority down payment assistance or brokered loans. Not valid on any 1st/2nd combo loans. If delay is due to the delay of any seller, agent or HOA management company delays, then we reserve the right to document such delay and push out scheduled COE based on that. If buyer/seller agree mutually to delay close of escrow, then penalty is based on that later date. Payment will be made via check from our Corporate office after close of escrow. Penalty is calculated from the scheduled close of escrow date to the date the loan funds in business days. We are not responsible for delays in recording the deed. Closing guarantee is offered on full TBD loan approval applications only. To receive payment, Seller must provide written request to Andrew Soss within 14 days of closing, or within 14 days of notification from Benchmark Mortgage that we cannot final approve the loan. Guarantee is void if property fails due to low appraisal, title issues, repair issues or any other events outside of Benchmark's control. Guarantee is void if there is any material change in the buyer's finances including loss of job/income, changes in credit profile or material changes in assets which result in the loan not being approved.