Buyer Conversion Warranty (BCW) - Enrollment and Definition Requirements

Buyer Conversion Warranty (BCW) - Enrollment and Definition Requirements

Buyer Conversion Warranty (BCW) - Enrollment and Definition Requirements

Buyer Conversion Warranty - (BCW) Enrollment Definition

A Buyer Conversion Warranty (BCW) is created when a Seller Home Warranty (SHW)  is active and the property goes under contract to be sold  (i.e. buyer for the property).  HMS must be notified by the Agent/Broker, who will provide the buyer's information and the estimated closing date.  Once the closing occurs, the coverage converts to the buyer.  The BCW is effective on the effective date, provided that the required payment has been arranged to be received by us within seven (7) days of the closing.

 

When a buyer conversion is processed, the warranty number and property address does not change.  However, a new and separate record for the buyer is created and the seller warranty will remain in the system as expired.  Upon receipt of full payment, a welcome kit is mailed to the buyer at the appropriate mailing address.  The BCW is in effect for one year from the date of closing.

 

 

Buyer Conversion Warranty - (BCW) Business Requirements

·       An active Seller Home Warranty (SHW) can be converted once a closing date has been set. 

·       Funding for the buyer must be submitted to HMS within 7-30 days from the closing date


    • Related Articles

    • Seller Home Warranty (SHW): Enrollment Definition & Requirements

      A Seller Home Warranty (SHW) is offered to the seller by their Real Estate Agent (Listing Agent) to give the seller coverage during the listing period, as well as to provide a prospective buyer incentive. With the seller's consent, the Listing Agent ...

    • Open Direct Warranty (ODW) Definition, Requirements & Enrollment System Process

      Enrollment Definition An Open Direct Warranty is available to existing homeowners not purchasing or selling their home (i.e., when the home is not listed for sale or the home was purchased more than 30 days ago.) The warranty is purchased outside of ...

    • Buyer Conversion Warranty (BCW) - Enrollment System Process

      Buyer Conversion Warranty (BCW) - Enrollment System Process If the seller’s coverage is expiring prior to the closing date, it must be extended.  Use the closing date as an extension date. (see Seller Extension module for further instructions)   ...

    • Buyer Direct Warranty (BDW)-Enrollment Definition and Requirements

      Buyer Direct Warranty (BDW) Enrollment Definition and Requirements   A Buyer Direct Warranty (BDW) is purchased by or on behalf of a home buyer at the time of closing.  The BDW is effective on the date of closing, provided that the required payment ...

    • Purchase Types

      Purchase Types are pre-defined categories that identify the enrollment entry based on: How the customer was introduced to the product The customer's ownership of the property The products effective and expiration dates Purchase Types Seller Home ...