What Happens If There Is a Fire?
By Zachary Soccio-Marandola · · View online →
The Legal Newsletter for Ontario REALTORS®
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Reading Time: 4 minutes
If a home is "substantially" damaged before closing, the buyer can either terminate the deal or close and take the available insurance proceeds.
Your client has a firm Agreement of Purchase and Sale.
Before closing, there's a fire at the property.
Now what?
In situations like this, everything starts with the Insurance clause in the APS.
(#14 on Form 100 / #18 on Form 101).
INSURANCE: All buildings on the property and all other things being purchased shall be and remain