It is on a windy day like today and the wind of the past few days that I am reminded of the clause in the purchase agreement that talks about damage to a property from the date the purchase agreement is signed until the date of closing referring to an "act of God" or vandalism. This clause of a few lines is not paid much attention to when the purchase agreement is being signed, but when damage is done it is the clause that helps buyers. A buyer does not need to close on a damaged property. The purchase agreement could be canceled or insurance funds transferred to the new owner to make the repairs. Last Memorial Weekend in parts of the Twin Cities a hail storm damaged many roofs and siding of properties. It was a time when many purchase agreements were written. That clause helped sales go through and repairs made later. In fact that clause is still in play as we list houses and see damage from last year that was not reported to insurance companies. In many cases the insurance company will make the repairs from past storms. The same clause would come into effect if a property were tagged or other acts of vandalism were done to a property. A well written purchase agreement will make a sales transaction move along smoothly.
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