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Health & Fitness

What Happens If the House I Am Buying Gets Damaged by the Tropical Storm?

Summary of who bears the risk of loss if a home under agreement for sale is damaged.

Clients of mine who are under agreement to buy a house have nervously written to me asking this question. They found the home that they love, put in an offer, got it accepted, made it through home inspection and then came . What happens if the house gets damaged or destroyed?

As to the house, of course it depends what each contract says, what state you live in, how the contract was drafted, etc. etc. etc. However, in purchase and sale agreements that my buyers have signed, the risk of loss remains with the Seller until the day of closing. They need to keep the property insured. And, again, without making too many generalizations, are usually obligated to deliver the property in the same condition it was at time of offer or time of inspection, reasonable wear and tear excepted. If the Seller cannot perform under the contract, then the Buyer can walk away with his/her deposit.

Unforeseen events like a hurricane/tropical storm are one reason buyers should make sure that they have independent representation, both from a buyers agent and from a real estate attorney, who will make sure that the buyers interests are protected.

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Hopefully, we stay clear of any major property damage and buyers, sellers and homeowners do not have to deal with any repair issues as a result of a

 

Find out what's happening in Cantonwith free, real-time updates from Patch.

About the Author: Christine Smith is a buyer agent, attorney, social media fan, parent and Canton resident.  She writes about real estate and events in the Canton area on her blog – Canton MA Events and Real Estate.

(c) Copyright 2011 Christine M. Smith.  All rights reserved.

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