Posted by River City on August 11, 2005 at 06:32:59:
Was it in the purchase contract that the seller would restore the driveway? If not, this would be a “but they said” situation.
The insurance company does have the right to cancel if the property is in disrepair. If you have a loan on the property, you might also want to read your security instrument as it probably contains clauses as to the borrower’s responsibility on the upkeep of the property.
problem in closing - Posted by ann bamore
Posted by ann bamore on August 06, 2005 at 09:31:11:
A leaky oil tank is decommissioned on a property that is closing. The
company doing the work signed a contract with the owners, and agrees
to restore the driveway, parts of which are dug up. Meanwhile, the
buyer closes and the driveway is not repaired. The new homeowner’s
insurance company cancels due to the damage!
Is the new owner now liable for the repairs? Is the company still
responsible to make repairs? Is it ethical for the insurance company to
cancel?
Thanks.