It’s the day before closing and you are packing up getting ready to move into your new home. Bad storms are making their way through the area when your agent calls with bad news. Your closing has been delayed because a tree fell on the home you were scheduled to purchase. After you get past the initial shock, the question is, what happens next?
If you are represented by a REALTOR(r), utilizing a contract provided by the Georgia Association of REALTORS, then you are protected. The contract specifies that the Seller is to promptly provide notice that an insurance claim has been filed, from there each party has 14 days to decide how to move forward.
The Buyer could agree to allow time for the Seller to repair the property and close under the terms of the current Purchase & Sale Agreem… Continue Reading Property Damage While Under Contract