RE Contracts Ch. 14 Casualty Loss
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What is casualty loss?
-any damage or losses to the property, the seller must repair before closing date, or the buyer can terminate the contract and get back the earnest money
If damages offer the seller must repair the property to its __________.
What could benefit the seller if damages occur?
- -insurance; assignment of proceeds
- -seller will still need to pay the insurance deductible to the buyer at closing
What is assignment of proceeds
-if the damage cannot be repaired in the extended 15 days after closing, the buyer can use the proceeds from the sellers insurance, seller must pay deductible.
If the seller cannot repair the damage by the closing date, how many days does the seller have after the closing to fixed the repair?
15 days, if buyer permits; buyer can still back out.
The _______________________ Act applies to any real estate sales contract unless the contract provides for a different rule
Uniform Vendor and Purchaser Risk Act
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