What If a Hurricane damages the Home during The Buying Process.?
Did a Hurricane, Flood or Fire impact the home you are trying to Buy..? What are your Options if something did happen.?
As I stated last week, I was going to finish up my discussion on Ending Due Diligence and moving into the Repair Addendum Phase, but something happened the past 2 days that changed my mind. We had a Hurricane hit us (Matthew).
So changing gears a bit, lets quickly talk about the What-Ifs while you are under contract to Buy a Home. You should read over your Contract very carefully. In SC the contract has a clause (Section 15 – Fire or Casualty or Injury) stating the following:
- The Parties have 5 Days to deliver Notice of Termination to Other Party (so either buyer or seller)
- The Parties proceed according to the contract – Seller is to be responsible
- Repair all Damage - Or
- Remit to Buyer an amount sufficient for repairs - Or
- Assign to Buyer the right to All Proceeds of Insurance and remit any deductible amount applicable to such casualty.
So be sure to take care of all of the above before the 5 Day Termination Period. Work with your Realtor® to get all the right paperwork signed off on, then move forward. If the Seller refuses to do what is expected, then you should Walk Away.
Gary Buchanan/Realtor® w/AgentOwned Realty - email@example.com 843-647-7743