Protection Royale is:
- An insurance program offered at no additional cost by your participating Royal LePage broker.
- Repair of latent defects and reimbursement of unexpected costs related to delays or withdrawals as well as special assessments for co-ownerships.
- Handling of legal procedures1 related to the discovery of latent defects.
- A free legal assistance service2 to obtain legal advice regarding your real estate transaction.
- A sense of security and peace of mind when buying or selling your property.
Legal assistance
Protection Royale gives you access to a free legal assistance service2 to obtain advice and answers to legal questions from lawyers specializing in real estate. Whether you are dealing with a dispute with your neighbour or have questions about latent defects, this service informs you of your rights so that you may take appropriate action.
Latent defects
This coverage provides repairs related to a latent defect. Maximum limit of $15,000 for a seller and $5,000 for a buyer.
A latent defect is a defect that could not have been discovered by a property inspector on or before the closing date and was unknown to the parties, which renders the property unfit for its intended purposes. The defect must be sufficiently serious, to the point that if the buyer had been informed, he would not have purchased the property or would have paid less.
Situation 1
Following a storm, the selling customer is held responsible for flooding due to a window in poor condition in the house they just sold. According to the insurer’s inspection, this is a covered latent defect. The seller may receive financial compensation up to a maximum of $15,000.
Situation 2
A buyer discovers a French drain problem in their recently purchased property. The client will have access to Neolegal’s services to assist with legal proceedings.
Delays and withdrawals
This protection covers additional expenses caused by delays beyond the client’s control in the conclusion of the transaction, or by the seller’s or buyer’s withdrawal, up to a maximum of $15,000.
Situation 3
A seller has to deal with two simultaneous mortgage payments due to the buyer’s withdrawal. The client is protected by the insurance and is reimbursed for the interest payments on the second mortgage loan as well as for other additional costs incurred.
Special assessments for co-ownership
This protection covers special assessments declared by the co-ownership board before the closing date of the transaction, up to a maximum of $15,000.
Situation 4
Following a promise to purchase accepted without conditions, the coownership board announces a special assessment to replace the heating systems in each unit. The cost of this new system shall be borne by the seller, a client of a participating Royal LePage real estate broker. The seller is covered for related costs up to a maximum of $15,000.
