Who is entitled to the insurance proceeds to fix up a building?
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Who is entitled to the insurance proceeds to fix up a building?
A buyer and seller sign a standard real estate sales contract to transfer ownership of a piece of commercial property. All goes well until 3 days before the scheduled closing when the building sustains major fire damage. The property is insured and the buyer still wants to purchase the property.
Asked on July 30, 2012 under Real Estate Law, Florida
Answers:
david slater / david p.slater, esq.
Answered 11 years ago | Contributor
If the buyer still wants to purchase, the deal can go forward. The insurance proceeds can be assigned to the new owner.
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