Maine Property Agreement
Description
How to fill out Property Agreement?
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FAQ
For real estate purchasers and sellers, the risk of loss doctrine governs whether the seller or the purchaser assumes the risk of the property being damaged or destroyed between contract execution and closing.
The responsibility that a carrier, borrower or user of property or goods takes on if there is a damage or loss to the object is the risk of loss. An insurance company can also agree to insure the object against the risk of loss.
For real estate purchasers and sellers, the risk of loss doctrine governs whether the seller or the purchaser assumes the risk of the property being damaged or destroyed between contract execution and closing.
?Risk of loss? means who has to pay?who bears the risk?if the goods are lost or destroyed without the fault of either party. It is obvious why this issue is important: Buyer contracts to purchase a new car for $35,000. While the car is in transit to Buyer, it is destroyed in a landslide.
Courts are split on the issue of who bears the risk of loss, which is the risk that the real estate will be damaged or destroyed between the time of execution of the purchase agreement and conveyance of legal title.
Any purchase agreement should include at least the following information: The identity of the buyer and seller. A description of the property being purchased. The purchase price. The terms as to how and when payment is to be made. The terms as to how, when, and where the goods will be delivered to the purchaser.
