Water damage during closer

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Water damage during closer

We were selling our apartment when we incurred water damage. The buyer now
demands new hardwood floors, and a 10 reduction in the agreed price. He
also threatens to hold us liable for his rent and a parking space he decided to
purchase. what are our options?

Asked on November 10, 2017 under Real Estate Law, New York

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You have to provide the unit to the buyer in the same condition it was in when the buyer signed the contract: this your contractual obligation, to turn over the unit in the shape it was in when the buyer agreed to purchase it. You have to either repair it fully to that condition, or work out some mutually agreeable alternative (e.g. price reduction) with the buyer. (If you work out an alternative make sure it's in writing.) If you repair all damage fully, that's all the buyer can get from you--he can't demand further improvements or a price abatement. But if you don't repair it or otherwise work it out with the buyer, you will be in breach of contract and he refuse to close and/or sue you for compensation.
Repairing fully is not just surface repairs: it would also mean insuring there is no mold or in the walls dampness leading to mold, repairing any structural elements damaged, etc.


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