Fire, storm, or vandalism before closing can alter the bargain without changing the contract price. Review the risk-of-loss clause with insurance and repair records.
Classify the event
Record the incident date, affected improvements, notice date, and any materiality threshold. Check whether the buyer may terminate, accept insurance proceeds, delay closing, or require restoration.
Align the file
Compare the contract, insurance information, adjuster report, repair estimate, inspection, and amendment. Flag an unresolved loss that is absent from the settlement or possession documents.
Sources and limitations
Risk allocation varies by agreement and jurisdiction. This resource supports issue spotting only.