Louisville Kentucky Risk of Loss Clauses: Contract for Real Property

• Category: Contracts - Clauses
• State: Multi-State
• City: Louisville
• Control #: US-C-CL-545-1
• Format: Word; Rich Text

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.