Lesson 1 · Home Closing Insurance · For sellers
What is home closing insurance?
The short answer
Home closing insurance protects a home seller financially when the buyer delays closing or doesn't close at all. The seller is the insured party. If the buyer delays, carrying costs are advanced through the wait. If the buyer defaults, it covers the shortfall, legal fees and the cost of selling a second time. Policies start at $349, all-in, and you don't pay until the deal is firm.
Key facts
- Insured party
- The seller
- If the buyer delays
- Carrying costs advanced through the wait
- If the buyer defaults
- Shortfall, legal fees and the cost of selling a second time
- Coverage limit
- Up to 20% of the sale price, to a maximum of $250,000, depending on the coverage selected
- Price
- From $349, all-in
- When you pay
- Not until the deal is firm
- Eligibility
- Resale homes anywhere in Canada, under $4 million, with a licensed agent involved
Transcript
Read the full transcript
What is home closing insurance?
Home Closing Insurance, from SecureMyOffer, protects a home seller financially when the buyer delays closing, or doesn't close at all.
Here's why that matters.
Once your sale goes firm, it feels done.
But a firm deal isn't a closed deal.
Sometimes the buyer delays, and that's the more common one.
And sometimes the buyer defaults, and the deal doesn't close at all.
Either way, the seller is left holding the costs.
So how does the coverage work?
The seller is the insured party, and the policy is backed by an A-rated insurer.
If the buyer delays, your carrying costs are advanced through the wait.
If the buyer defaults, it covers the shortfall, legal fees, and the cost of selling a second time.
That's up to 20% of the sale price, to a maximum of $250,000, depending on the coverage you choose.
What does it cost?
Policies start at $349, all-in, and increase with the level of coverage you choose.
And you don't pay until the deal is firm.
Not firm yet? Get pre-approved, and hold your rate for 90 days.
Is it right for you?
It's for resale homes anywhere in Canada, priced under $4 million, with a licensed real estate agent involved.
Get a free quote in minutes, at securemyoffer.com/quote.
Summary only. Coverage, eligibility and conditions are governed by the policy and surety documents. Questions about coverage? Talk to a licensed broker at 1-833-766-2329.
