House Vs. Hurricane

“What happens if my home is damaged before the closing date?”

This was a great question brought to me by one of my sellers. With impending weather, I thought this would be a great time for me to shed some light on this very important question.

Sellers: Your buyers are purchasing the home based on a condition that upon final walkthrough the home is in the “same or better condition as it was on the date of the offer.”

So, if a hurricane wind tears a piece of siding off of your house, it would be the vendor’s (your) responsibility to repair it before closing so the home is in the same or better condition.

Alternatively, in the event the repair cannot be completed before closing, you can offer a price reduction in lieu of repairs and negotiate appropriately (similar to a home inspection repair).

With our weather, it is a possibility that a home could be damaged while it is listed for sale and/or under contract; the "equal to or better" clause protects both parties involved. A buyer cannot walk away without the vendor first having the opportunity to repair the damage, and further, the buyer doesn't have to worry about the home sustaining damage while it's under contract as it's the seller's obligation to repair. (PS - Sellers also keep their home insurance right up until the moment of closing day too).

Feel a little less stressed now? Good :) Let's talk!

Nicole Darbaz, REALTOR®
Your trusted, St. John’s metro, real estate expert
Keller Williams Platinum Realty
709-691-1373
NicoleDarbaz@kw.com