What is the REMAX Tranquilli-T program?
I see this sign placed atop some REMAX “For Sale” signs or on billboards on my way to work. What does it mean?
Well, you ask… Tranquilli-T, also known as TT, is coverage that participating brokers offer for free to both their buyers and sellers. It is exclusive to REMAX.
In the case of selling: Delay & withdrawal, this is what Tranquilli-T can do for you:
In a real estate transaction, certain unforeseen situations may occur. The Tranquilli-T program will protect you in case of a delay in the signature of the Deed of Sale or in case of a withdrawal.
Lucy and Michael’s story**
A young couple Lucy and Michael, while selling their property with their RE/MAX real estate broker, find a lakeside house of their dreams. They finalize the sale with a scheduled date of closing of July 1st, with an option to take early possession. With the assistance of their broker, they sell their current home to Mrs. and Mr. Lavoie and the scheduled closing date is also set for July 1st.
As Lucy and Michael now have a firm offer, they decide to take possession of their lakeside home immediately. They secure a bridge mortgage financing. However, a few days before the scheduled date of closing, Mr. Lavoie unexpectedly loses his job. His financial institution informs Mr. Lavoie that due to his job loss, they can no longer provide mortgage financing as planned.
The RE/MAX real estate broker representing Lucy and Michael learns that subsequently, Mr. Lavoie can no longer secure a mortgage and must withdraw from the real estate transaction. Lucy and Michael are very concerned because they already took possession of their new lakeside home.
Moreover, they are now responsible for both properties and all the expenses that come with maintaining and owning both properties. With the help of their broker, Lucy and Michael put their house back on the market and remain in their new lakeside home. The RE/MAX Tranquilli-T program covers the additional, unforeseen reasonable expenses they are incurring due to the withdrawal of the promise to purchase on their home.
In addition, they are covered as well for the additional costs of electricity, gas, home insurance, the upkeep of the property and the interest on the bridge financing they obtained. Luckily, Lucy and Michael’s home re-sells two months later, and with the assistance of the RE/MAX Tranquilli-T program, most of their unforeseen expenses are addressed.
In the case of buying, this is what Tranquilli-T can do for you: The seller is not able to move out on the scheduled closing date. As a result, the buyer will be covered for unforeseen and necessary additional expenses.
In the case of Death, this is what Tranquilli-T can do for you:
I wish it never happens in my career but in the event of the death of a buyer and/or his/her spouse, the seller’s transaction will proceed as planned and REMAX will take over the transaction.
Julie and Max’s story**
On August 15, Julie and Max, with the help of their RE/MAX real estate broker, finalize a binding promise to purchase with the buyers Mrs. Laflèche and Mr. Giroux. The scheduled date of closing is set for November 1st.
With the sale of their home, Julie and Max purchase a new home. The scheduled date of closing for this property is also November 1st.
On October 13, Mr. Giroux dies in a car accident. As a result, Mrs. Laflèche does not want to continue with the transaction because she is unable to afford their recently purchased property. Therefore, the scheduled signing at the notary is cancelled.
The RE/MAX real estate broker informs Julie and Max of the bad news. Concerned if they would be able to move into their new home as planned and unsure how they would pay 2 mortgages, they turn to their RE/MAX Tranquilli-T policy for help.
In conclusion, TT assumes the case and Julie and Max receive the sale price agreed to in the binding promise to purchase. The property will be resold and the additional costs incurred such as taxes, maintenance, electricity, and heating will be covered under the RE/MAX Tranquilli-T program, relieving Julie and Max from any further obligation.
Telephone legal assistance is offered by Tranquilli-T:
The RE/MAX Tranquilli-T program will provide you with free telephone legal information services. The operators are lawyers who are members of the Barreau du Québec specializing in real estate transactions. They will provide legal information on Quebec law and provide an overview of legal procedures.
Patrick and Nadia’s story**
Two weeks after moving into their new home, Patrick and Nadia discover a large pool of water in their finished basement following a mild rainfall. The couple consult an expert to inspect and evaluate the damage. There is a crack in the foundation wall that had been there for some time.
The total repair estimate is $10,250. Having realized the water leak is due to a latent defect, Patrick and Nadia want to take legal action against the seller. Unfortunately, they do not have any experience with the procedures of the Small Claims Court.
Patrick and Nadia remembered they have a RE/MAX Tranquilli-T policy and are pleased to learn that as part of the telephone legal information service, they have access to three (3) hours of Small Claims Court coaching from lawyers who are members of the Barreau du Québec.
With the assistance of the Small Claims Court coaching, Patrick and Nadia are guided through the process and procedures of the Small Claims Court, enabling them to take legal action against the seller.
In the case of Small Claims this is what Tranquilli-T can do for you:
The RE/MAX Tranquilli-T program will provide you up to 3 hours of Small Claims coaching service.
Now, remember! There are no fees for benefiting from this program that was created by REMAX.
**Case examples are for illustrative purposes only. Certain conditions apply.