Reminder Concerning Flood-Damaged Homes

According to the Colorado Office of Emergency Management, the 2013 floods destroyed 1,502 homes and damaged 17,494 more. It is critical that consumers and their REALTORS understand the complexities and legal issues regarding homes that were under contract at the time of flooding.
Section 19 of the Contract to Buy and Sell Residential Real Estate provides that a property must be delivered in the same condition that existed on the day the contract was signed. If a buyer and seller are under contract and the property is damaged by flooding prior to closing, the extent of the damage will determine the rights and obligations for both buyer and seller. Read more here:
http://www.coloradorealtors.com/flood-damage-to-properties-under-contract/

This entry was posted in Gov't Affairs, Govt - Northeastern Colorado, Govt - State of Colorado and tagged , , , . Bookmark the permalink.

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