Is the seller bank responsible for damage that happened from a storm after my purchase agreement was signed?
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Is the seller bank responsible for damage that happened from a storm after my purchase agreement was signed?
I took possession of my home 3 months ago. A hail storm hit my area and the property I purchased was a bank owned property sold
Asked on October 11, 2017 under Real Estate Law, South Dakota
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
The issue is not when the agreement was signed, but when did title or ownership change hands (e.g., when did the sale "close")? Until you took ownership, the property belonged to, and the responsibility/liability for any damage was on, the prior owner--that is, the bank. So if the bank owned the property when the damage was done, they are responsible for it. If ownership/title had transferred to you before the storm and damage, then you were responsible for it.
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