Your seller will be protected for 180 days from closing, but can select to extend the term an additional 180 days.
CRES NHD - Powered by myNHD
A Natural Hazard Disclosure Report is required in California and a best practice in other states. This property specific report is essential in disclosing key information to a buyer that can result in the reduction of lawsuits due to non-disclosure.
When a seller, Real Estate Professional or brokerage orders and pays for a CRES NHD report on a residential property, the seller will have an additional $25,000 of sellers protection. The CRES NHD may be ordered on commercial properties as well but will not have the benefit of the Sellers Protection Plan(SPP).
Claims paid out under this coverage will not be applied against you or your company's E&O policy. Sellers will not need to sue you to get E&O coverage.
We Do the Work,
You Get the Protection!SM
By selecting a CRES NHD report to assist in your disclosure needs, sellers, Real Estate Professionals and brokerages are taking advantage of the Safe Harbor provision which transfers liability to the third party disclosure company. Each report is searched by APN and address to disclose specific issues that may affect that property. CRES NHD, powered by myNHD, carries 10 Million in E&O insurance which covers all parties involved in the transaction. Reports must be paid in full for sellers to receive the additional $25,000 Sellers Protection Plan(SPP).
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Only agents insured with CRES can offer seller's E&O. Give yourself this major competitive advantage !
Why Order a Natural Hazard Disclosure Report?
Lawsuits from buyers, primarily for non-disclosure, have increased 25% in recent years. The severity of lawsuits have increased as well. With buyers moving into states and areas they are unfamiliar with, it is more important than ever to disclose, disclose, disclose. The CRES NHD report is part of a buyer’s due diligence and part of a seller’s and Real Estate Professional’s disclosure obligation. With a CRES NHD, all parties are protected under our 10 Million E&O coverage and sellers get an additional $25,000 Sellers Protection Plan(SPP).