SCR311 Due Diligence addendum allows a buyer to timely and properly terminate.
Sellers have agreed to maintain the Property in Section 3 of SCR310 contract.
The SCR310 contract has provisions for casualty/injury and re-inspections and seller disclosure and mold/fungi.
The seller disclosure has many pertinent questions for potential disasters including water questions and contamination questions and roof questions.
The SCR310 financing contingency may apply especially if the insurers have put new policies on hold. Before some disasters, buyers might be able to pre-pay and bound the insurance policy into place to avoid some of the geographic automatic insurance freezes for named storms.
Judges can evaluate the facts in a contract lawsuit impacted by disasters including deadlines and impossibility of performance. Self-settlement and mediation settlement are alternatives to litigation.
Ensure you recommend parties obtain legal counsel asap and parties can discuss disaster issues with their legal counsel.
Parties can discuss flood insurance including flood contents insurance for belongings with their insurer. SCR233 is the flood insurance disclosure form.
https://www.screaltors.org/wp-content/uploads/Forms/233.pdf
Posted by : Byron King on 9/18/18 (This information is only accurate as of 9/18/18. You must contact SCR for updates and changes to this information after 9/18/18 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)