Whether you're buying or selling a property, certain unforeseen situations may occur, such as:
Such occurrences may cause a delay and even cancel the signing of the deed of sale. With the RE/MAX Tranquilli-T program, if a delay or withdrawal should occur after the binding promise to purchase is finalized, the additional, unforeseen reasonable expenses incurred over and above the $300 deductible are covered for a period of up to 180 days from the scheduled date of closing or up to a maximum policy limit, whichever comes first.
A young couple, Lucy and Michael, while selling their property with their RE/MAX real estate broker, found a lakeside house of their dreams and finalized the sale with a scheduled date of closing of July 1st, with an option to take early possession. With the assistance of their RE/MAX real estate broker, they sold their current home to Mrs. and Mr. Lavoie and the scheduled closing date was also set for July 1st. As Lucy and Michael now had a firm offer, they decided to take possession of their lakeside home immediately by securing bridge mortgage financing.
However, a few days before the scheduled date of closing, Mr. Lavoie unexpectedly lost his job. His financial institution informed Mr. Lavoie that due to his job loss, they could no longer provide the mortgage financing as planned. The RE/MAX real estate broker representing Lucy and Michael learned that Mr. Lavoie could no longer secure a mortgage and must withdraw from the real estate transaction. Lucy and Michael, having learned of the situation, were very concerned because they had already taken possession of their new lakeside home and were now responsible for both properties and all the expenses that come with maintaining and owning both properties.
The RE/MAX Tranquilli-T solution
With the help of their RE/MAX real estate broker, Lucy and Michael put their house back on the market and remained in their new lakeside home. The RE/MAX Tranquilli-T program covered the additional, unforeseen reasonable expenses they had incurred due to the withdrawal of the binding promise to purchase on their home as well as the additional costs of electricity, gas, home insurance, the upkeep of the property and the interest on the bridge financing they had to obtain to purchase the lakeside property. Luckily, Lucy and Michael’s home re-sold two months later, and with the assistance of the RE/MAX Tranquilli-T program, most of their unforeseen expenses were addressed.
*Case examples are for illustrative purposes only. Certain conditions apply.