GMAC Real Estate Fredericksburg

Selling your home in today's marketplace requires a lot of hard work and knowledge. If you choose to list and sell your home with GMAC Real Estate Fredericksburg, you will be automatically insured in the Seller's Protection Plan. This plan, paid for by us, covers you for 180 days from the day your escrow closes for inadvertent errors and omissions you make related to the sale of your home. You will be eligible for coverage for up to $25,000 including defense costs, which you become legally obligated to pay as the result of a covered claim.

Plan Summary Information

What's Covered?

This policy will pay on behalf of you, the seller, all amounts, including defense costs, up to $25,000 over the $2,500 deductible, which you, the seller, become legally obligated to pay as a result of a covered circumstance.

The covered circumstance must occur and claim must be made and reported within the coverage period. A covered circumstance means a lawsuit, arbitration or mediation proceeding, or alternate dispute resolution proceeding to which you submit, with CRES's consent, instituted against you by the buyer, resulting from actual or alleged undisclosed defects in residential property which is your principal residence.

What's Not Covered?

All insurance products have exclusions, or situations they don't cover. The major exclusions in this coverage include:

• Intentional, dishonest or fraudulent act(s) commited by you or on your behalf
• Covered circumstances of which you had knowledge prior to closing
• Claims by you against your real estate broker and/or agent
• Claims involving escrow monies
• Claims for damages to the residential property sustained subsequent to closing escrow
• Claims against you not involving your principal residence

How Does it Work?

Because GMAC Real Estate Fredericksburg cares about your peace of mind, you will be automatically enrolled in the SPP program. Coverage begins on the date of the completed contract (closing) and continues for 180 days. You have the option to extend your coverage for an additional 180 days, for a total of 360 days. If you wish to extend your covereage, you must complete the installment form and mail it along with a check and closing statement within fifteen (15) days of the close of escrow.

The information above is just a summary of the Seller's Protection Plan. Please see the actual Plan for details.