Who Is Liable If Your Property Is Damaged Before Closing?

The procedure of closing is an extensive and delicate process for potential buyers and sellers. The entire process involves numerous steps, walk-throughs, paperwork and more to ensure the sale takes place. But what happens if physical damage is found in the property before the closing procedure is completed? Let us find out who will be liable for the damage and who will be responsible for repairing it.

If the buyers find any form of defects or damage at the final stage of real estate inspection, it can often halt the entire sale. The buyer is entitled to halt and discontinue the process any time they want, but during the final walkthrough and inspection, they are more open to negotiation. The potential buyer might request the seller to replace or repair the damaged items and area before they close. The buyer might also request a reduction in the price to ensure that they are getting what the property is worth. Although, the situation can get significantly more complicated if the buyer is unaware of the property damage that it has sustained before the closing.

Who Is Liable If Your Property Is Damaged Before Closing?

Proceed in Light of Property Damage

Rarely does it happen that both the buyer and the seller are aware of the damage to the property and go forth anyway. These circumstances typically take place through a natural calamity or when other defects could damage the house, such as fire, earthquakes, storms and more. If the condition of the property is beyond repair and cannot be salvaged, the buyer might back out. But if there is a ray of hope in the form of possible repairs, the buyers and sellers can potentially work out a deal. For these cases, you should ideally have a real estate attorney in Fort Myers to ensure you are getting the best deal possible.

When Did The Damage Happen?

In several instances, a lot will depend on when the damage occurred. If the property has significant destruction and damage prior to the availability of the paperwork, the buyers can exit the entire deal. Although, if the closing documents are already signed, then damage will not be able to stop the sale.

In most cases, both parties mutually agree on the terms depending on the damage. There are certain cases where the property suffered damage due to factors outside the control of both parties, such as fire. For those instances, contacting the insurance is the smartest choice as there is a possibility that the insurance will cover the cost and progression of the sale until the buyer becomes the owner.

What is The Extent Of The Damage?

If the property damage is serious and the property becomes nearly inhabitable, then deals will not be able to protect it. Although, you should keep in mind that several insurance companies provide insurance that ensures the damage is covered. It all depends on the type of coverage and the time required to bring the house back to its original state.
Few buyers might even incorporate additional costs to the closing deal in case it enhances the property and makes it even better than its original state.

Get A Professional Home Inspection

When you purchase a property, getting a home inspection is an intelligent decision and investment. Home inspection costs anywhere between $300 and $600, depending on the dimensions of your property. If you want to get a trustworthy home inspector, contact your real estate attorney in Fort Myers.

How To Select The Best Real Estate Attorneys in Fort Myers

Buying real estate is one of the largest financial decisions you will ever make. The entire process of buying a house can be highly complicated and overwhelming.

Make this process simpler by hiring the best real estate law firm in Fort Myers. A dedicated and reliable residential real estate lawyer in Fort Myers ensures that you make the correct decisions. If you are searching for a real estate attorney in Fort Myers, Hale Law Services is your answer and is here to help you through the process. Get a qualified, board-certified real estate attorney to ensure your experience goes smoothly. Our skilled real estate attorneys can aid you with all legal compliances until the point of closing. We are well-versed in state law and have the experience to deal with various legal issues. To learn more, contact 239-931-6767 or mail us at ned@halelawservices.com.

Also Read: Why Do You Need a Real Estate Lawyer While Closing in Fort Myers?

By |2022-12-16T00:43:05-05:00December 14th, 2022|Real Estate Law|0 Comments

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