HAIL DAMAGE DAYS BEFORE CLOSING? Here's what the Texas contract says...

Here's the scenario:

Your listing just got pounded with hail a week before closing.

OR

The home your clients are buying was damaged from a hail storm just a few days before closing. The roof is shot.

These scenarios are real for agents, buyers and sellers in the McKinney, TX; Melissa, TX and surrounding Collin County areas each Spring. Last month we had a few hail storms, and I have no question that May will likely bring a few as well. 

As a Realtor, representing your client, what do you do? Are you a buyer? What are your rights? Sellers? Do you pay for a new roof?

According to the Texas contract, paragraph 14 of the Contract of Sale addresses the options available to the Buyer if the roof cannot be fixed prior to closing.  

1.  Buyer may terminate and have earnest money refunded.

2.  Buyer may extend the time for performance up to 15 days and the closing date will be extended accordingly.

3.  Buyer may accept property in its damaged condition with an assignment of the insurance proceeds and receive credit from Seller at closing for the amount of the deductible.

Do you have a home to sell in McKinney, Texas? Do you want to know more about the homes for sale in McKinney? Please contact our team for more information...perhaps a relocation package OR a no-pressure market analysis for your home! Just go to the "Contact Us" page to get connected...we'd love to hear from you!