LA Attorneys - Buying a home (hurricane) question

K was 2005 baw

Can't close if there's a hurricane threat

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However, prior to the closing , Hurricane Katrina hits South Louisiana and destroys the home. Who would be on the hook?

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Prior to closing, you can walk away. You don't own the home yet.

Why don't you just tell us what the frick is going on?

My son was supposed to close on his house yesterday (both his condo he's selling, and the home he's buying in Martin County). Both closings put on hold because banks withhold financing while a storm is a threat. Will have to redo both appraisals and inspections after Irma passes. So the deals are delayed another couple weeks, most likely.

Until closing, you still own your home and the seller owns (and is responsible for) his/hers.

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If you haven't gone to closing you are in an "option" to buy, so option out

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This is actually incorrect. Once you pass a certain period in the buying process you are bound to purchase. In a normal scenario you could not opt out the day before purchase. You would be sued for specific performance.

In this case, the contract to buy could be voided because the object of the contract is no longer the same. The seller would have to repair the property to original condition before the closing date, which would be impossible so the buyer would be able to extinguish the contract after the missed closing date.

It's civilian law, which is what the French "Napolenoic law" you speak of is based off of.

And, use common sense. If you haven't closed on the house, why the hell would you be signing promissory notes or mortgages? You sign those when you close and get funded for the loan. You don't own the home or sign any documents until you close, unless you're just dumb.

This isn't a Louisiana law question.

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1.)Would I have any issues with the lender (let's say I signed the promissory note)?

2.) What if I had signed the contract, but the deed wasn't passed over to me (or the lender) yet and then Katrina destroys the home?

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If you haven't closed, you don't own the house and the mortgage is not final. It can all be voided. You're off the hook and seller better hope they still had insurance on the property. This is why sellers aren't supposed to cancel their insurance until the sale is CLOSED.

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In this case, the contract to buy could be voided because the object of the contract is no longer the same. The seller would have to repair the property to original condition before the closing date, which would be impossible so the buyer would be able to extinguish the contract after the missed closing date.

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Additionally, the buy/sell agreement typically conditions the sale upon the ability of the buyer to obtain financing. If the bank will not finance because of the destruction or threat of destruction to the home, buyer will not be obligated to purchase.