1. The listing agent may extend the SHW coverage up to a maximum of 1 year (360) days. When entering the extension date, the Cinch representative should enter a date for what is actually needed (i.e. if the agent tells us the home is closing in 3 months, we extend the SHW for 3 months – we do not extend for another 6 months).
2. Membership Services may extend an SHW beyond 360 days IF the closing of the home is going to occur within the next 60 days. We must collect and enter in our system:
· the closing date (mandatory)
· the buyer/s name (mandatory)
· optionally, the buyer/s email and or phone contact, if the Agent has it.
3. The only way a SHW may be extended beyond 360 days (without a closing date in the upcoming 60 days) is with Cinchi Management approval. There are 2 types of Seller Notices that are sent – one advising an extension is possible and another advising that the SHW is about to expire.
4. If a SHW has reached 1 year on a given property and the seller switches the listing to a different Real Estate Brokerage, we will reenroll the SHW coverage with no waiting period under the new broker.
[Clarification: if the 1 year SHW term has been reached and the seller continues the listing or re-lists with the same broker/agent, Cinch Management approval is required before extension or a new SHW is enrolled].
It is important for the warranty to be extended for the seller when an extension is appropriate. If coverage lapses, no claims will be approved.
Seller Option if 1 Year Reached and No Extension Approved
If 1 year of SHW coverage has been reached, we will allow the Listing Agent, on behalf of their homeowner (the Seller), to convert the SHW and pay for the warranty. The following steps should be followed by Cinch Membership Services:
This process is used when the SHW coverage needs to be extended, when the property did not sell (no buyer contract pending) within the initial listing period and the seller coverage is near expiration or has expired.
1. Obtain the listing agent’s name
2. Obtain and search by the property address, application or contract number.
3. Verify the seller’s name(s), address (including zip code) and telephone number(s).
4. Click on the Menu Options tab and select Seller Extension.
5. From the pop up box, select Seller Extension Without Contract.
6. Enter the requested extension date and click OK.
7. After processing the extension a new record and expiration date will be created.
8. Provide the agent with the new expiration date.
9. Ask the agent their preference to email or fax the confirmation invoice. Ask if there are any other parties (i.e. Title Company) that might need a confirmation invoice.
10. Document the transaction at the Communication History Log.
This process is used when there's a buyer contract pending on the property, however the closing date is beyond the current SHW expiration date. The SHW coverage must be extended and the buyer's information must be entered.
1. Obtain the listing agent’s name
2. Obtain and search by the application number or property address.
3. Verify the seller’s name(s), address (including zip code) and telephone number(s).
4. Click on the Menu Options tab and select Seller Extension.
5. From the pop up box, select Seller Extension With Contract.
6. Enter the requested Closing date.
7. The Enrollment form screen will appear. Enter the new Buyer's information (name(s), contact numbers and email address(es).
8. Enter Buyer Options, when applicable.
9. After processing the extension a new record and expiration date will be created.
10. Provide the agent with the new expiration date for the buyer.
11. Ask if preference to email or fax the confirmation invoice. Ask if there are any other parties (i.e. Title Company) that might need a confirmation invoice.
12. Document the transaction at the Communication History Log.
The agent can enroll, convert and renew on-line.