The SafeClose™ Home Closing Protection Program

An easy way to protect yourself during residential real estate transactions. The SafeClose™ Home Closing Protection Program was developed with input from professionals from all areas of the real estate industry.

What is the SafeClose™ Home Closing Protection Program?

The SafeClose™ Home Closing Protection Program covers the additional costs that can result from delayed or aborted home closings. These include temporary accommodation, living expenses, bank fees, legal fees, moving, storage, and other incidental costs, potentially adding up to thousands of dollars! The agreement provides protection of up to $25,000 of 180 days.

Why get the SafeClose™ Home Closing Protection Program?

The SafeClose™ Home Closing Protection Program is quick, easy and affordable. More importantly, it's an invaluable safeguard against unpleasant and costly surprises. Without the SafeClose™ Home Closing Protection Program, your only recourse is legal proceedings that are very costly, time consuming with no guarantee of the outcome.

Special Offer

The SafeClose™ Home Closing Protection Program  is included with the RealProperty "Platinum" and "Gold" Home Closing Packages. The SafeClose™ Home Closing Protection Program provides today's Home Sellers and Buyers the ultimate coverage and only RealProperty includes this protection with there closing packages.

Who is it for?

The SafeClose™ Home Closing Protection Program is for individuals who are buying or selling a resale home.  Keep in mind that you will need one agreement per transaction. (eg. One for selling your home and one for buying another home). 

Coverage Summary

Which transactions are covered?

• Only Residential Resale transactions are covered. This means that homes in the process of being built or commercial properties do not qualify. We will accept homes if they are ready for occupancy when the Offer of Purchase and Sale is signed.
• The client must use the services of a qualified individual to complete the closing (i.e. lawyer, title company, or other qualified person).
• Coverage must be in place within 15 days after the transaction becomes firm and binding and no later than 20 days before the closing date (at RealProperty's discretion).
• This coverage pays for the extra expenses the client may incur if a closing is delayed as a result of an unforeseen event, which is beyond their control.
• The agreement is enforceable when the Offer of Purchase and Sale becomes firm and binding.
• The limit of the policy is $25,000 or 180 days from the intended closing date, whichever comes first.
• There is a $300.00 deductible on the total claim.

Major exclusions include:

• The delay of a closing due to a catastrophic event such as a flood or earthquake.
• Coverage is also denied if the client knew or ought to have known of a problem with the closing when the Offer of Purchase and Sale was signed before it became firm and binding.

 Making a Claim

 Making a claim is straightforward;

All claims are processed by a national claims adjusting firm. The claim can be made by way of a call,  through a toll free number. The adjuster will ask you a number of questions regarding:

• The certificate/policy number
• Name of your real estate broker and office
• Name and number of the closing representative who performed the closing on your behalf (i.e. lawyer, closing agent)
• Details of the Agreement of Purchase and Sale

The above information is outlined on the Home Closing Protection Agreement.

Home closing delays happen more often then you would think.

Here are some real life examples based on actual claims:

• The other party's bank financing fell through at the last minute
• The home buyer suddenly realized that the backyard is not big enough for his dream swimming pool and decided to back out of the transaction
• The closing papers were misplaced and their delivery is delayed, causing crucial deadlines to be missed.

Disclaimer

The client understands that the The SafeClose™ Home Closing Protection Program is administered by Canadian Home Shield Inc. who is solely responsible for services rendered under the The SafeClose™ Home Closing Protection Program and not RealProperty or any of its Network Lawyers.