Property Damage from Natural Disasters Prior to Closing
UPDATED: Jul 15, 2021
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UPDATED: Jul 15, 2021
asdfIt’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
UPDATED: Jul 15, 2021
asdfIt’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
UPDATED: Jul 15, 2021
asdfIt’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
In most states, if your contract does not specify who bears the risk of damage to the property from disasters like fire, hail, flood, or wind, the risk of loss is on the seller. In other words, if the building is damaged by fire before the closing, the buyer can cancel the purchase unless the seller restores the building to its prior condition. However, you and the seller can tailor the contract to contain a risk of loss provision which meets both your needs and wishes. Then, if there is a later legal dispute, a judge or arbitrator will make every effort to carry out the intentions of the parties as stated in the contract.
Find the right lawyer for your legal issue.
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.