Home sellers
Sell Your Home With Confidence
Coverage designed to protect home sellers from unexpected issues that could impact closing.
Coverage designed to protect home sellers from unexpected issues that could impact closing.
Most home sales move forward as planned, but buyer default does happen. Financing can fall through, buyers can walk away, or unexpected issues can arise before closing. When this happens, sellers are often left managing the financial impact of a failed deal.
The deposit is often the first thing sellers point to, but it is not the safety net most people assume. When a buyer walks away, the deposit is held in trust and can only be released with the buyer's consent or a court order. This process often takes six to eighteen months, and there is no guarantee of recovery.
Even if you do recover it, a typical deposit covers only a fraction of what a failed closing actually costs. Carrying costs, bridge financing, a lower relist price, legal fees, and additional commissions can add up to far more than what is held in trust. The deposit is part of the legal dispute, not protection from one.
Accessing your equity is key to unlocking your next chapter. SecureMyOffer provides protection if your buyer fails to close, helping you receive your funds on time and avoid double mortgages, bridge loans, and last-minute uncertainty.
The shortfall between the original firm offer and the final resale price. If the home ultimately sells for an increased amount, you retain the profit.
Mortgage interest, property taxes, utilities, and home insurance over the period between default and resale.
Legal fees and expenses related to the failed transaction.
The cost of additional bridge loans required to unlock equity.
Coverage is up to the policy limit. Full terms, conditions and limits are set out in the policy.
Even firm offers can collapse due to buyer financing issues, job loss, divorce, cold feet, or other events. A firm offer means all conditions have been removed or satisfied, but it does not guarantee your buyer will actually close. SecureMyOffer ensures you will not be financially stranded if your buyer fails to close on closing day.
The premium is based on a number of factors. A typical policy costs $1,000-$1,500 and covers up to $250,000 in equity loss and expenses.
Coverage must be purchased within 10 days of the offer becoming firm, and at least 14 days before the closing date.
SMO's claims team works directly with your real estate lawyer to verify the loss and process payout quickly. Typically, SecureMyOffer will deploy up to 50% of the policy limit as soon as possible to the lawyer's trust account, as early as same day, in the form of an Emergency Advance Payment. The remainder is reserved to cover the additional expenses of reselling the property.
If your resale price is higher than your original deal, you get to keep any excess profits.
SMO is currently available everywhere in Canada except Quebec.
SMO covers the seller for delays as well as defaults. Delays are common and your SMO policy is designed to take on the legal and financial risk of such an occurrence. Delays and defaults follow the same claims processing procedure.
Home Closing Insurance protects sellers if a buyer defaults on a firm purchase agreement by delaying closing, or walks away from the deal altogether. It compensates you for the losses tied to the failed sale, including a drop in the sale price, ongoing carrying costs, and legal fees. It can also provide an emergency equity advance so you can meet the commitments that depended on closing.
Usually not, and rarely quickly. In most jurisdictions a default doesn't give you automatic access to the deposit. Even non-refundable deposits sit in a trust account and commonly become tangled in legal proceedings lasting months or years. SecureMyOffer advances funds so you aren't left waiting, and takes on the cost of recovering damages from the buyer.
Eligibility varies by territory, but most home sellers with a firm, unconditional offer can apply.
Contact our claims team straight away, by visiting the claims page or calling 1-833-766-2329. We work directly with your real estate lawyer and your REALTOR® to start the claim and verify the firm offer. We pay up to 50% of the policy limit into your lawyer's trust account as a guaranteed advance, pursue the defaulting buyer, and work with your agent to stage and resell the property. If it resells for less, we take the loss up to the policy limit. If it resells for more, you keep the profit.
No. It covers the losses you suffer if the buyer fails to close.
No. We take on the responsibility and the legal costs of recovering damages from the buyer, so you don't have to.
No. Policies are not refundable. All premiums, fees and taxes are fully earned on purchase.
Get a 60-second quote online, or call 1-833-766-2329 to apply directly.
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