In the event of the death of the buyer or his/her spouse and the fact that the estate no longer wishes to purchase the property, the transaction of the seller with a Tranquilli-T policy will be covered by the Tranquilli-T RE/MAX program. The Tranquilli-T RE/MAX program will then assume responsibility for fulfilling the buyer's commitments and the sales price agreed upon in the promise to purchase will be paid to the seller. In addition, any unforeseen additional costs will also be reimbursed.
On August 15, Julie and Max, with the help of their RE/MAX real estate broker, finalized a binding promise to purchase with the buyers Mrs. Laflèche and Mr. Giroux. The scheduled date of closing was set for November 1st. With the sale of their home, Julie and Max purchased a new home with the assistance of their RE/MAX real estate broker. The scheduled date of closing for this property was also November 1st.
On October 13, Mr. Giroux died in a car accident. Unable to afford their recently purchased property, Mrs. Laflèche did not want to continue with the transaction. The scheduled signing at the notary had to be cancelled. The RE/MAX real estate broker informed Julie and Max of the bad news. Concerned if they would be able to move into their new home as planned and unsure how they would pay two mortgages, they turned to their RE/MAX Tranquilli-T policy for help.
*Case examples are for illustrative purposes only. Certain conditions apply.
Because they had a RE/MAX Tranquilli-T policy, the buyers’ commitments were assumed and Julie and Max received the sale price agreed to in the binding promise to purchase. The property will be resold and the additional costs incurred such as taxes, maintenance, electricity and heating will be covered under the RE/MAX Tranquilli-T program, relieving Julie and Max from any further obligation.
The program covers residential real estate transactions made through a participating RE/MAX broker in the province of Quebec. Some properties and types of transaction are not eligible for the program.
A certificate of protection will be sent to you as soon as all the conditions of the promise to purchase have been fulfilled, with the exception of the signing of the deed of sale.
This protection is offered to you at no extra charge.
The content of this site does not constitute a contract. Changes may have been made to the protections described on this site. You should refer to the certificate and wording of the coverage for the terms of this program.
For any additional information, contact GPL assurance inc. at 1-844-435-9002 or at the following email address: email@example.com. To file a claim, contact the Tranquilli-T Assistance Center at 1-844-REMAXTT (1-844-736-2988).
What happens to a buyer with a Tranquilli-T policy if the seller dies without a Tranquilli-T policy?
If, prior to or on the scheduled date of closing, the seller dies and the seller’s estate chooses not to proceed with the transaction, the buyer with a Tranquilli-T policy would be eligible for reimbursement of unforeseen, verifiable, and necessary additional expenses under the Delay and Withdrawal coverage and for legal assistance from the Telephone Legal Information Service.
If the buyer or the buyer’s spouse dies prior to or on the scheduled date of closing, will the seller, with a RE/MAX Tranquilli-T policy, receive the agreed sale price as stipulated in the binding promise to purchase?
In the event the buyer or the buyer’s spouse should die and the surviving spouse withdraws from the real estate transaction, the seller with a RE/MAX Tranquilli-T policy will receive the sale price for the property as stipulated on the binding promise to purchase. Any additional costs following the payment of the sale price to the seller are the responsibility of the RE/MAX Tranquilli-T program until the resale of the property.