In the event of a death of the buyer and/or his/her spouse, the seller’s transaction will be protected if the buyer’s estate no longer wishes to buy the house, provided the seller has a RE/MAX Tranquilli-T policy. The RE/MAX Tranquilli-T program will assume the buyer’s commitments and the seller will still be paid the agreed sale price stated in the finalized binding promise to purchase.
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.
The RE/MAX Tranquilli-T solution
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.
*Case examples are for illustrative purposes only. Certain conditions apply.