|Protection||Client with Tranquilli-T||Client without Tranquilli-T|
|In case of buyer’s death||- The seller receives the selling price|
as agreed upon in the purchase offer.
- The seller can continue his plans with
full peace of mind.
- The sale of the property is taken over
by the program.
|- The sale is postponed until the estate
- The seller risks losing the property on
which he has made an offer.
- The seller obtains a mortgage to bear
responsibility for both properties, at a
|In case of delay or withdrawal||The RE/MAX client is reimbursed for|
the additional expenses incurred by
the unforeseen event.
|The client must cover the additional
expenses incurred by the unforeseen
|In case of a legal dispute||For 12 months after the deed of sale|
has been signed or for a maximum of
18 months from the binding promise to
purchase, the RE/MAX client:
- Benefits from a complete and
unlimited legal assistance;
- Will be reimbursed up to $5,000 in
legal fees per incident, up to a
maximum of $10,000.
|The client will have to cover all
expenses related to legal consultations
and legal proceedings.
| It aims to protect transactions and covers most unexpected events that may occur during the purchase or sale of a property.
|« Delay and withdrawal » :|
- Number of claims
- Amount in claims paid to clients
2 299 699$*
|« Death »||21|
|« Legal assistance » :|
- Number of calls received by legal assistance
- Number of open cases for the « legal fees » protection
- Amount in claims paid to clients
4 925 465 $*
* Amount paid excluding the insurer’s reserve liabilities. **File’s distribution at legal assistance from October 15th 2011 to March 31st 2015.
Whether you’re buying or selling a property, certain unforeseen situations may occur, such as mortgage financing withdrawal, job loss or a surveying problem.
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 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.
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.
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.
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.
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.
Whether you’re buying or selling a property, the RE/MAX Tranquilli-T program will provide you with free telephone legal information services for legal problems related to the property or the real estate transaction. Coverage commences from the day the binding promise to purchase becomes final for a period of twelve months from the original scheduled date of closing.
If you should have any questions or concerns, such as a property boundary issue or a latent defect, you will have access to telephone legal information services provided by a lawyer who is a member of the Barreau du Québec specializing in real estate transactions.
As part of the telephone legal information service, you and/or your spouse will have up to three (3) hours of legal information support services for litigation that falls under the scope of the Small Claims Division of the Court of Quebec (Small Claims Court) resulting from the real estate transaction and subsequent occupation of the property.
| Melanie’s story**
Melanie recently bought her first house – a lovely bungalow. She was happy the pre-purchase inspection did not reveal any problems and the home closed on October 12 as planned.
A couple of weeks after taking possession, Melanie was gardening in her backyard when her neighbour confronted her. He requested that she cut down the tree in her backyard as the roots were starting to damage the fence structure which bordered both of their properties.
Melanie, being a first time homeowner, had no idea what she was obligated to do in such a situation or what her legal rights were. Remembering that she had a RE/MAX Tranquilli-T policy, she called her insurance broker for more information.
Providing reassurance to Melanie, the insurance broker advised her to contact the telephone legal information service which provides free and unlimited telephone legal assistance for 12 months following the signing of the deed of sale.
Two weeks after moving into their new home, Patrick and Nadia discovered a large pool of water in their finished basement following a mild rainfall. The couple consulted an expert to inspect and evaluate the damage. It was discovered there was a crack in the foundation wall that had been there for some time. The total repair estimate was $10,250 dollars.
Having realized the water leak was due to a latent defect, Patrick and Nadia wanted to take legal action against the seller. Unfortunately they did not have any experience with the procedures of the Small Claims Court.
Patrick and Nadia remembered they have a RE/MAX Tranquilli-T policy and were pleased to learn that as part of the telephone legal information service, they have access to three (3) hours of Small Claims Court coaching from lawyers who are members of the Barreau du Québec.
With the assistance of the Small Claims Court coaching, Patrick and Nadia were guided through the process and procedures of the Small Claims Court, enabling them to take legal action against the seller.
© 2020 Pierre Batbatian. Tous droits réservés. RE/MAX 3000 agence immobilière, une franchise de RE/MAX Québec détenue et exploitée indépendamment. Téléphone 514-333-3000 || © 2020 Pierre Batbatian. All rights reserved. The RE/MAX 3000 real estate agency, an independently owned and operated RE/MAX Québec franchise. Phone 514-333-3000.