{"id":1405,"date":"2019-05-16T17:54:27","date_gmt":"2019-05-16T17:54:27","guid":{"rendered":"https:\/\/areslaw.ca\/parry-sound\/?p=1405"},"modified":"2019-05-16T17:56:50","modified_gmt":"2019-05-16T17:56:50","slug":"house-flood-before-move-in","status":"publish","type":"post","link":"https:\/\/areslaw.ca\/parry-sound\/house-flood-before-move-in\/","title":{"rendered":"The House We Bought Flooded Before We Moved In\u2026What Now?"},"content":{"rendered":"\n<p>Most real estate transactions get completed with few or even\nno hiccups along the way. Pre-approved for your mortgage, check. Down payment in\norder, check. Love the neighbourhood &amp; schools, check. Home Inspection,\nproblem-free, check. You are all set to get the keys in just a few weeks.\nThings can clip along smoothly and then WHAM\u2026a big storm or quick spring thaw\nhas hit the area and your new purchase is sitting in 3 feet of water! Now what\ndo you do?!<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Move forward or say so long<\/strong><\/li><\/ol>\n\n\n\n<p>Flooding can throw a serious wrench into the home-buying process,\nparticularly if the damage has happened prior to your closing date. It\u2019s a\ncomplex situation and in some cases, the damage can be so severe that the buyer\nwill no longer want to close the deal and will ask for their deposit back. In\nthis situation, both the buyer and seller (and lawyers and realtors) will have to\ndecide whether the property damage can be repaired fully in time to salvage the\ntransaction. The buyer also has the right to request that the original sale\nprice gets reduced.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Fine print for your protection<\/strong><\/li><\/ul>\n\n\n\n<p>A well-drafted purchase agreement should list specifics on\nwhat will happen if unexpected damage occurs to the home prior to your closing\ndate. If so, that document is worth its weight in gold, as it gives the buyer an\nimportant layer of protection, because as we all know, life happens. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Moving forward<\/strong><\/li><\/ul>\n\n\n\n<p>Your agent should spell out in a revised contract that both the\nbuyer and the seller agree to move forward with the transaction, only if the\ntotal damage costs are less than a certain percent of the sale price (usually\n5%). The seller must show proof of the repairs that were completed by a\nprofessional and not just \u201cUncle Fred\u201d because he\u2019s handy and retired. The\nresponsibility for repairing the damage falls fully on the seller as they\nretain ownership of the property until the keys are turned over to the new\nbuyers.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Final steps<\/strong><\/li><\/ul>\n\n\n\n<p>The best thing to do after the flood is to have another home\ninspection to see if the damage is more extensive than it appears. Water damage\nis one of the greatest culprits for mold, structural and foundational issues that\nmay not be immediately visible. The inspection will also help determine how\ncostly the repairs will be, which in turn will influence the decision of\nwhether or not to proceed with the deal. <\/p>\n\n\n\n<p>Further, it\u2019s also recommended to have another inspection\nafter the repairs to ensure your safety and protect your big investment. A final\nwalkthrough the property with your agent prior to closing will give you the\nproof to see that the work has been done. For your own peace of mind, you want\nto know all appliances, fixtures, electrical issues and so on have been checked\nover. <\/p>\n\n\n\n<p>The amount you are investing in your new property needs to\nreflect a solid and safe structure. If the sellers won\u2019t cooperate with the\nrepairs, then you\u2019re probably better off moving along to find another home.\nDisasters do occur, but most situations can be salvaged fairly smoothly. Count\non Ares Law to help protect you and your home or cottage purchase. We are experienced\nreal estate lawyers who understand the Parry Sound and Greater Muskoka region\nwell. We can help you just as we\u2019ve helped many clients throughout the years.\nSpeak to us and we can give you expert advice on how to handle your situation.\nCall us today at 1-705-746-6444. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most real estate transactions get completed with few or even no hiccups along the way. Pre-approved for your mortgage, check. Down payment in order, check. Love the neighbourhood &amp; schools, check. Home Inspection, problem-free, check. You are all set to get the keys in just&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[119,55,121,120,45],"class_list":["post-1405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-house-flooding","tag-muskoka","tag-muskoka-flood","tag-muskoka-lawyer","tag-real-estate-muskoka"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The House We Bought Flooded Before We Moved In\u2026What Now? - Ares Law Parry Sound &amp; Muskoka<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/areslaw.ca\/parry-sound\/house-flood-before-move-in\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The House We Bought Flooded Before We Moved In\u2026What Now? - Ares Law Parry Sound &amp; Muskoka\" \/>\n<meta property=\"og:description\" content=\"Most real estate transactions get completed with few or even no hiccups along the way. 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