Legal Hurricane Update By N. Betty Gonzalez Theclosingfirm.com
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Legal Hurricane Update By N. Betty Gonzalez Theclosingfirm.com


So I wanted to make this video because as
you can imagine I getting a lot of calls, a lot of emails, regarding transactions pending
and what happens cause of the hurricane. For my buyers, please rest assure that if
anything happens to the property because of the storm, the risk of loss remains with the
seller. What that means for you, is that the seller
is still responsible to make sure the property is repaired and a result of any damages occurred. Now for my buyers as well, if there any delay
with a lender, if there is a cancellation of service if the insurance is disrupted and you cannot
bind your coverage. The contract automatically gives you a 7 days
extension and up to a 30-day extension because of hurricane-related delays. If the extention would be for more than 30
which obvously we hope it wouildnt be than either party can cancel the contract and be
relieved of any obligation. Now for my sellers, I know many sellers concerned,
what happens if my property gets damaged? Well, you have Insurance, and that’s where
the insurance would come in and extension is nessassary for you to repair the property
than an extention would be granted under the terms on the contract. Please stay safe and as always feel free to
call me with any questions! Thank you!

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