I just closed on a home Friday that was vandalized sometime before my closing and after the last walk-through. The home was sold 'as is' according to the conditions in my appraisal. The home was damaged before i officially took possession of the property and is no longer in the 'as is' condition that I agreed to. In my opinion, the seller should be responsible for repairing the damages that occurred while they were still the owners of the property. Are there any avenues that would protect me in this unusual situation? Can I cancel the purchase agreement with the seller if they do not agree to complete the repairs?
No, you cannot "undo" the closing, it is now your property, and in some jurisdictions it was your property the day your offer to purchase was accepted.
The crux of your answer depends on who had the property insured at the time of the vandalization. It would be my assumption that if title had not transferred, the previous owner's insurance would pay the loss. That would be the case in NC, but I'll defer to a Ga. Attorney to concur.
I am not your attorney, I do not represent you. This response is submitted for informational purposes only. This is not legal advice, nor is it intended to be taken as such. Anyone considering the above referenced situation should always consult an attorney within the jurisdiction before taking any action based on this, or any other information.
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