What happens if house you have under contract is damaged before closing?
Question Details: Home I have under contract to buy in 3 weeks has just been significantly damaged by a huge tree in the yard falling on the house. Where does that leave me? I have a closing planned on my current home on the same day I was supposed to close on my new home. What are my rights concerning costs I have to encure for housing if new house is not repaired in time?
Insurance Law Law Answers
Look to the language of the new contract. It should note who bears the risk to damage to the property during this time between execution and closing. Ask yourself who has the ability to effect repairs right now? Do you have the right to enter the land for any reason right now? Who is carrying insurance on the property right now? Who is the property titled to now?
All of these questions are ones you ought to ask yourself. If any of these answers are unclear you should consider paying an attorney to review these agreements to obtain your answers.
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