Q: What happens if the property is damaged or destroyed after I sign the

purchase contract but before real estate closing gifts?

A: Typically, the purchase contract requires that the property be in

substantially the same or better condition at as on the date you

contracted to buy it (normal wear and tear excepted). If the property is damaged

or destroyed by fire or other casualty prior to real estate closing gifts, the risk of loss is on

the seller. The buyer has the option to wait for the seller to repair or

reconstruct the property or to terminate the contract and recover any earnest

money deposit.

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