What if the condo gets damaged before the closing

Then I guess you'll be paying for repairs.

Good luck with that.

That contingency is covered in your sale contract.

>>That contingency is covered in your sale contract.<<

Provided the buyer's attorney did his/her job correctly and made sure to add a clause covering pre-closing damage...

If you don't own the property before the closing, why would you need to pay the possible damage costs?

Check the portion of your contract entitled Risk of Loss, and then check your rider to see if it was modified. Generally, if the unit suffers damage the seller has to notify you and he is given 60 days to fix it. If he does fix it you have to close. If he doesn't fix it you can walk. Hope that helps.

It's not about the damage costs. The issue is that he is bound by contract to purchase the property at an agreed-upon price. If the property is trashed by flood, fire, etc--he will still be bound to go through with the deal UNLESS there is a damage contingency that allows him to walk.

lol, this question seems funny now

>>lol, this question seems funny now<<

Not at all funny. Anything can happen between contract signing and closing. Fire, flood, storm damage... No need for a news-making hurricane or tropical storm--disasters can strike anytime, anywhere.

Anyone entering into a contract to purchase a home should always INSIST on a damage contingency. Any attorney who fails to add such a clause in the contract is not doing his/her job. Maybe this post will make other buyers stop, think, and make sure that their interests are protected.

Good point. And this is a perfect thing to happen to expose otherwise painted-over defects, like persistent water problems. I bet a lot of apartments aren't going to be showing the next few days.

bramstar,

Great information!

Real estate law is not my speciality If I remember correctly, though, at common law the risk of loss in a RE contract usually was on the seller until closing, as long as the buyer was not at fault for the damage.

NYS adopted the Uniform Risk Act quite some time ago. Its application to real estate transactions was codified in Sec. 5-1311 of the General Obligations Act. Notice that it provides that the parties to the contract of sale can agree to modify these provisions concerning risk of loss.
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1. Any contract for the purchase and sale or exchange of realty shall be interpreted, unless the contract expressly provides otherwise, as including an agreement that the parties shall have the following rights and duties:

a. When neither the legal title nor the possession of the subject matter of the contract has been transferred to the purchaser: (1) if all or a material part thereof is destroyed without fault of the purchaser or is taken by eminent domain, the vendor cannot enforce the contract,and the purchaser is entitled to recover any portion of the price that he has paid; but nothing herein contained shall be deemed to deprive the vendor of any right to recover damages against the purchaser for any breach of contract by the purchaser prior to the destruction or taking;

(2) if an immaterial part thereof is destroyed without fault of the purchaser or is taken by eminent domain, neither the vendor nor the purchaser is thereby deprived of the right to enforce the contract; but there shall be, to the extent of the destruction or taking, an abatementof the purchase price.

b. When either the legal title or the possession of the subject matter of the contract has been transferred to the purchaser, if all or anypart thereof is destroyed without fault of the vendor or is taken by eminent domain, the purchaser is not thereby relieved from a duty to pay the price, nor is he thereby entitled to recover any portion thereof that he has paid; but nothing herein contained shall be deemed to deprive the purchaser of any right to recover damages against the vendor for any breach of contract by the vendor prior to the destruction or taking.