Buyer Protections If Property Is Damaged Prior To Closing

Buyer Protections If Property Is Damaged Prior To Closing

What if you are under contract to purchase the home of your dreams with closing weeks away and the property you are purchasing suffers damage due to weather, fire or other causes.……… you have any options? Thankfully, the answer is YES! In the typical Real Estate contract, under the Risk of Loss section, it will tell you that if the total damage is 1.5% or less of the purchase price, the buyer is responsible for the repairs and closing the transaction. If, however, the damage is greater than 1.5%, and the seller does not agree to the repairs, the buyer may cancel the contract and receive their deposit back. Situations such as are where Professionals such as myself can put your fears at ease and make the process flow smoothly. Call or email me today at 239-273-4006 or [email protected]. Fay Mlinarich, PA. Premium Plus Realty or visit my website at

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Phone: 239-273-4006
Dated: October 22nd 2014
Views: 183
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