Risk Of Loss Clause

State:
Multi-State
Control #:
US-C-CL-545-1
Format:
Word; 
Rich Text
Instant download

Description

A clause dictates the conditions under which the contract is legally enforceable and determines the terms of the contract. Contracts often contain boilerplate clauses or standard clauses found across most contracts. These standard clauses do not require a lot of negotiation. Included is a Sample Risk of Loss Clauses for a Contract for Real Property. For real estate purchasers and sellers, the risk of loss doctrine governs whether the seller or the purchaser assumes the risk of the property being damaged or destroyed between contract execution and closing. Risk of Loss Clauses: Contract for Real Property are clauses that define who is responsible for the risk of loss of a piece of real property during a sales transaction. Risk of loss clauses determine the time when the risk of loss passes from the seller to the buyer and the responsibilities of each party in the event of certain losses, such as damage or destruction, to the real property. There are two main types of Risk of Loss Clauses: Contract for Real Property: the "Title Passes" clause and the "Delivery Passes" clause. The Title Passes' clause states that the risk of loss passes from the seller to the buyer when title is transferred to the buyer, typically at the closing. The Delivery Passes clause states that the risk of loss passes from the seller to the buyer when the real property is delivered to the buyer, which is typically prior to the closing.

Risk of Loss Clauses: Contract for Real Property are clauses that define who is responsible for the risk of loss of a piece of real property during a sales transaction. Risk of loss clauses determine the time when the risk of loss passes from the seller to the buyer and the responsibilities of each party in the event of certain losses, such as damage or destruction, to the real property. There are two main types of Risk of Loss Clauses: Contract for Real Property: the "Title Passes" clause and the "Delivery Passes" clause. The Title Passes' clause states that the risk of loss passes from the seller to the buyer when title is transferred to the buyer, typically at the closing. The Delivery Passes clause states that the risk of loss passes from the seller to the buyer when the real property is delivered to the buyer, which is typically prior to the closing.

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Risk Of Loss Clause