Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 4 years ago on . Most recent reply
Home sold as is......insurance claim?
I'm not sure if this is the place to post this. My vacant home is under contract sold as is no contingencies or inspections. After the offer was signed by both parties the buyer who is a builder had his roofing contractor go up on the roof & found hail damage ( no notice to me of the inspection). Buyer contacted me asking to place a claim for the damage & now wants the proceeds of the claim which is to be paid by the insurance in two payments Actual cash value & Recoverable depreciation. There is a clause in the purchase agreement pertaining to casualty loss proceeds will be assigned to the buyer but the damage occurred in July & the purchase agreement was signed in November. Obviously both parties would like the money, so the question is am I obligated to assign the insurance funds to the buyer?