Oh Hail!

I've lived in Texas all my life (many years) and have only seen hail coming down five total times, two of which have been in the past ten days! As we head into spring the chances of encountering (or enduring as some see it) a rough and tumble Texas thunderstorm increase exponentially. When I hear that first clap of thunder, the country girl in my head does a quick mental scan around the perimeter to see what's been left out or open. The Realtor in my head goes to my Clients properties. The vacant, the build to suits and those under contract come to mind first as the most vulnerable because damage to a property that's set to close can create a mess. To keep things moving ahead on a smooth track, it's important to be represented by professionals. I loved the email I got on Monday from Karen Mitzner via Kerri McCaskill at Hexter Fair Title Company. The title was "Uh Oh! Hail on Saturday, Closing on Thursday"

Paragraph 14 of the Contract of Sale addressees the options available to the Buyer if the roof cannot be fixed prior to closing.

1. Buyer may terminate and have earnest money refunded.

2. Buyer may extend the time for performance up to 15 days and the closing date will
Be extended accordingly.

3. Buyer may accept property in its damaged condition with an assignment of the insurance
Proceeds and receive credit from Seller at closing for the amount of the deductible.

She is referring to the standard TREC approved contract for a pre-owned home. Whether it's hail or any other type of damage, the same applies. If both parties agree to pursue option #3, the title company attorney can draw up an assignment form and the closing can proceed.

Julie Winter is a licensed Texas Realtor