For buyers
Make your offer without tying up your cash.
A surety is a guarantee backed by an insurer. With DepositGuard, the seller holds that guarantee instead of your cash deposit. If you don't close, the seller is paid under the surety.
From $250Charged once, only if the seller's side accepts.
80-second explainer
Prefer to watch?
How a surety can stand in for your cash deposit, what it costs and how fast you can be approved, in about 80 seconds.
Good to know before you use it
- The seller has to agree to accept a surety. Talk to your agent before you write the offer.
- If you back out, the surety pays the seller, and then you repay the surety.
- Nothing is charged at the quote, at approval or when the deal goes firm.
- You pledge one asset, like an RRSP, TFSA, savings or home equity. It stays yours and stays invested.
Who can use DepositGuard?
Your deposit is often due within a day of an accepted offer, long before your mortgage funds. DepositGuard keeps that cash free for your down payment, closing costs and the move.
Who
Canadian citizens and permanent residents.
Where
Anywhere in Canada except Quebec. Resale, new builds and pre-construction.
How much
A surety from $10,000 to $250,000, up to 10% of the purchase price.
What you need
A soft credit check, one document and one pledged asset. Nothing moves, and you keep using it.
The pledged asset can be an RRSP or TFSA, investments, a GIC or savings, or home equity. The soft credit check doesn't affect your credit score.
How does DepositGuard work?
Four steps. Talk to your agent before you write the offer, because the seller has to agree to a surety.
Quote
About a minute. You don't need to give a name, an address or a credit check to see a price.
Apply
About five minutes: a soft credit check, one document and one pledged asset.
Get approved
Usually within one business day. You get a contract number that's good for 120 days on any offer.
Seller's side accepts
Once the deal is firm, the listing agent accepts the surety online, with no account needed. That's the only time you're charged.
Make an offer. Not a withdrawal.
You pay one charge, and only once the seller's side accepts. The rate depends on your credit range and what you can verify. Proving your income and savings brings it down.
Weigh that single charge against what the alternatives cost: interest on a line of credit or bridge loan, or investments sold before you planned to.
- Example rate (good credit, verified income and savings)
- 1%
- Rate amount
- $350
- Policy fee
- $150
- Cash you keep free
- $35,000
- One charge, plus tax
- $500
Example only. Your rate depends on your credit range and what you can verify, and may be higher. Your quote shows your actual price. Surety amounts from $10,000 to $250,000, up to 10% of the price.
For sellers and listing agents
What the seller's side sees.
The seller gets a guarantee backed by an A-rated insurer instead of cash in trust, and pays nothing for it.
The offer arrives with a surety
The buyer's agent tells you the deposit will be a DepositGuard surety instead of cash. Confirm with your seller before accepting.
You accept it online
Once the deal is firm, the listing agent accepts the surety online. No account is needed.
If the buyer doesn't close
The seller can claim on the surety, after a claim review, up to the surety amount. The buyer then repays Accelerant, the surety's issuer. The surety covers the deposit only; for losses beyond it, the seller needs Home Closing Insurance.
Want more protection? Sellers can add Home Closing Insurance to cover losses beyond the deposit.
Questions buyers ask us.
Talk it through with our team: 1-833-766-2329, Monday to Friday, 9 am to 5 pm ET.
What is DepositGuard?
DepositGuard Surety is SecureMyOffer's deposit surety bond for home buyers. A surety is a guarantee backed by an insurer: instead of cash sitting in a trust account, the seller holds the surety. If you don't close, the seller can claim on it, after a claim review, up to the surety amount.
Is anything charged if the seller says no?
No. Nothing is charged at the quote, at approval or when the deal goes firm. You're charged once, only when the seller's side accepts the surety.
What happens if I don't close on the home?
Your obligations under the purchase agreement still apply. If you default, the seller may claim under the surety, subject to its terms, and you then repay Accelerant, the surety's issuer, as agreed. A deposit surety frees up your cash. It doesn't remove your responsibility to close.
Will the seller accept a surety instead of cash?
Acceptance is not automatic. Your real estate agent should confirm with the listing agent that the seller is willing to accept a surety before you submit your offer. The terms of the purchase agreement must also permit its use.
How much does DepositGuard cost?
It starts at $250. Your rate depends on your credit range and what you can verify, and proving your income and savings brings it down. Your quote shows your actual price in about a minute.
Will applying hurt my credit?
No. The application uses a soft credit check, which doesn't affect your credit score. You can see a quote without any credit check at all.
Can I use it on a new build or pre-construction?
Yes. DepositGuard Surety is available for resale homes, new builds and pre-construction purchases anywhere in Canada except Quebec.
Does DepositGuard mean I don't have to provide a deposit?
You still need to meet the deposit requirements of your purchase agreement. DepositGuard provides that deposit as a surety instead of cash. It doesn't remove your deposit obligation.
When should I arrange DepositGuard?
Before you make an offer, and when you're actively writing offers. Approval is good for 120 days, so getting it months ahead may mean it expires before you need it.
Can I use DepositGuard and Home Closing Insurance together?
Yes. They protect different sides of the deal. DepositGuard lets buyers provide a surety instead of a cash deposit. Home Closing Insurance protects sellers against eligible financial losses if a buyer delays or fails to close.