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Updated almost 14 years ago on . Most recent reply
Bill GulleyPoster
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Buyer Can Take Inusrance or Walk
Bill GulleyPoster#3 Guru, Book, & Course Reviews Contributor
#3 Guru, Book, & Course Reviews Contributor
- Investor, Entrepreneur, Educator
- Springfield, MO
Watching the Today Show, the tornado in St; Louis leveled a house that was under contract and was to close on Monday. The Buyer should have the option to walk on the deal or close and receive all insurance proceeds.
In a sale contract, the insurance coverage and assignment covenants are about a half page long....just another reason not to use "one page" sale contracts!
What does you contract say?