Delay and withdrawal
Whether you're buying or selling a property, certain unforeseen situations may occur, such as:
- mortgage financing withdrawal;
- job loss;
- separation;
- fire;
- a problem with the certificate of location.
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 unforeseen, verifiable, necessary and reasonable additional 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.
Lucy & Michael's story*
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.
*Case examples are for illustrative purposes only. Certain conditions apply.
The RE/MAX Tranquilli-T Solution!
With the help of their RE/MAX broker, Lucie and Michel decide to put their property back on the market and keep their waterfront home. The RE/MAX Tranquilli-T program reimburses the additional, necessary, verifiable, unforeseen and reasonable costs incurred as a result of the Lavoie couple's withdrawal, as well as the additional costs of electricity, gas, insurance, maintenance and interest on the bridge mortgage they had to take out to acquire their waterfront home. Fortunately, Lucie and Michel sold their home again two months later. Thanks to the RE/MAX Tranquilli-T program, most of their unexpected expenses were covered.
Eligibility Requirements
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: info@tranquilli-t.com. To file a claim, contact the Tranquilli-T Assistance Center at 1-844-REMAXTT (1-844-736-2988).
Frequent questions about deadlines and withdrawals
Will the RE/MAX Tranquilli-T program assume the full amount of my mortgage payment in the event of a delay or withdrawal?
No, the RE/MAX Tranquilli-T program does not compensate for mortgage or bridge financing payments. However, coverage may be provided to reimburse the interest on an additional mortgage or bridge financing payment that you had to acquire in order to purchase your new home when the sale of your current property was contingent on the mortgage approval.
In the event that I and/or my family must be temporarily relocated due to a delay or withdrawal beyond my control, would my hotel expenses be reimbursed?
Yes, provided the necessary, verifiable, reasonable and unforeseen additional expenses are incurred due to a delay or withdrawal beyond your control and not caused by you.
If I have to put my belongings in temporary storage due to a closing delay or withdrawal caused by the seller, will this expense be covered by the RE/MAX Tranquilli-T program?
Yes, storage expense is covered provided that it is an unforeseen, verifiable, and necessary additional expense beyond your control. A delay in closing caused by the seller occurs.
The moving company is charging me a penalty for cancelling my moving date. Will the RE/MAX Tranquilli-T program cover this expense?
Yes, provided the delay was unknown to you, this would be considered an unforeseen, verifiable, and necessary additional expense.
I cannot move into my new property due to a delay in closing caused by the seller. My dog and I must move out of my existing property. As the hotel will not accept pets, will the RE/MAX Tranquilli-T program cover the costs for boarding at a kennel?
The RE/MAX Tranquilli-T program will cover the unforeseen, verifiable, and additional expense for temporary housing such as a hotel and/or the costs of putting your pet in a kennel, if required.