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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 customer must use the services of a qualified individual to complete the closing (i.e. lawyer, title company, or other qualified person).
Coverage summary
- This coverage pays for the extra expenses the customer may incur if a closing is delayed as a result of an unforeseen event, which is beyond their control.
- The policy starts when the Offer of Purchase and Sale becomes unconditional.
- The limit of the policy is $25,000 or 180 days from the intended closing date, whichever comes first.
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 customer knew or ought to have known of a problem with the closing when the Offer of Purchase and Sale was signed.
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