Services / Protect your deal
Protect the deal between firm and closing.
A firm deal is not a closed one. We include two SecureMyOffer products with all our transactions and pay the base cost: Home Closing Insurance for sellers and the DepositGuard Surety Bond for buyers.
Disclosure: Greg Campbell, Operations Manager at The Campbell-Maric Group, is also Business Development Director at SecureMyOffer.
For sellers
Home Closing Insurance.
It protects you, the seller, if your buyer delays closing or defaults between the day your deal goes firm and closing day. You are the insured party.
If the buyer delays
The policy advances your carrying costs through the wait, such as mortgage interest, taxes, utilities and insurance. The advance is repaid once the deal closes.
If the buyer defaults
It covers the resale shortfall, carrying costs, legal fees, bridge loan costs, re-staging and re-listing costs, and the listing commission on the second sale, inside the policy limit.
How much coverage
Up to 20% of the sale price, to a maximum of $250,000 per transaction, depending on the coverage selected.
When to arrange it
Coverage must be in place at least 14 days before your closing date. Nothing is paid until the deal goes firm, so we raise it early.
Included with all our transactions: we pay the base cost
Policies start at $349, all-in, and increase depending on the level of coverage selected. We pay the base policy cost. Additional coverage can be discussed when you sign.
For resale homes. Not for new builds or pre-construction, and not for a seller who changes their own mind. It is not title insurance, a home warranty or CMHC insurance.
For buyers
DepositGuard Surety Bond.
The DepositGuard Surety Bond replaces all or part of your cash deposit, so you keep your cash until closing. It works on resale homes, new builds and pre-construction.
How it works
The bond protects the seller. If you don’t close, the seller can claim on the bond after a claim review, up to the bond amount, and you repay SecureMyOffer as agreed.
Fast to set up
A quote takes about a minute with no credit check. Applying takes about 5 minutes with a soft credit check that doesn’t affect your score. Approval usually comes in 1 business day and is good on any offer for 120 days.
Who it suits
Canadian citizens and permanent residents outside Quebec, for deposits from $10,000 to $250,000 and up to 10% of the purchase price.
The seller decides
The seller, or the builder on a new home, decides whether to accept the bond. Their side accepts it online.
Included with all our transactions: we pay the base cost
Example: a $10,000 deposit with good credit, income and savings verified costs $250 plus tax (1% of the bond, $100, plus a $150 policy fee). There is nothing to pay to quote or get approved, and the charge comes once, when the seller’s side accepts. We pay the base cost.
Subject to approval and to the seller accepting the bond.
How it works with us
Built into every transaction.
- 01
We raise it early
On every listing and every purchase, we talk you through both products before you need them.
- 02
We set it up with you
Sellers arrange Home Closing Insurance once the deal is firm. Buyers get a DepositGuard quote before writing an offer.
- 03
We pay the base cost
We include both products with all our transactions and pay the base cost. Additional coverage can be discussed when you sign.
Questions
SecureMyOffer, explained
What is Home Closing Insurance?
Home Closing Insurance protects a seller financially when a buyer delays or defaults between a firm offer and closing day. The seller is the insured party.
Who pays for it when I buy or sell with TCMG?
We do. We include Home Closing Insurance and DepositGuard with all our transactions and pay the base cost. Home Closing Insurance policies start at $349, all-in, and additional coverage can be discussed when you sign.
When does Home Closing Insurance need to be in place?
At least 14 days before your closing date. Nothing is paid until the deal goes firm, which is why we bring it up as soon as your deal is firm.
Does it work on new builds?
Home Closing Insurance is for resale homes only. The DepositGuard Surety Bond works on resale homes, new builds and pre-construction, if the seller or builder accepts it.
Is DepositGuard insurance for the buyer?
No. It is a surety bond that protects the seller. If the buyer doesn’t close, the seller can claim on the bond, and the buyer repays SecureMyOffer as agreed.
Who backs SecureMyOffer?
SecureMyOffer products are underwritten by an A-rated insurer. They are available everywhere in Canada except Quebec.
Disclosure: Greg Campbell, Operations Manager at The Campbell-Maric Group, is also Business Development Director at SecureMyOffer.
Buying or selling?
Ask us how it works on your deal.
We’ll explain both products in plain language and set them up with you.