What Happens if the Home You are Buying is Destroyed before real estate closing gifts
What Happens if the Home You are Buying is Destroyed before real estate closing gifts
Q: What happens if the property is damaged or destroyed after I sign the purchase contract but before ?
A: Typically, the purchase contract requires that the property be in substantially the same or better condition at real estate closing gifts as on the date you contracted to buy it (normal wear and tear excepted). If the property is damaged or destroyed by fire or other casualty prior to , the risk of loss is on the seller. The buyer has the option to wait for the seller to repair or reconstruct the property or to terminate the contract and recover any earnest money deposit.
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