Insurance protects you from loss. But what does the Utah Real Estate Purchase Contract (REPC) say about insurance and risk of loss during the purchase period?
Spoiler: It says the seller pays.
0:00 – Introduction
1:30 – Insurance will cover it. Does the buyer have to have insurance? Only if they are using a lender. The seller has to cover loss during the purchase period.
2:30 – 10% loss. This is why you don’t let the buyers move in early. All damages covered by the seller. If the damage is more than 10% of the purchase price…either party can elect to drop out of the contract.
3:21 – Story time with Aric.
4:34 – Hypothetical Situation: Italian Bobcat Fur Flooring. All repairs are on the seller. Letter of the contract – if it’s under the 10% par, they cannot exit the contract. The buyer will keep looking in the contract, and they’ll find section 11 – that the property is “as represented”. And that’s why earnest money keeps the contract alive. In the ender, you’re either going to negotiate or litigate.
9:59 – Acts of Terrorism. Not covered.
10:16 – What’d we learn today?
12:24 – Bloopers.
* No Italian bobcats were harmed in the making of this video.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage’s Jason Christiansen, and Hive Collective at Presidio’s Tyler Cazier and “Mr. Suit” Aric Wiszt.