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
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