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LA Attorneys - Buying a home (hurricane) question
Posted by Forkbeard3777 on 9/8/17 at 7:30 am00
Out of curiosity, what would happen if we had decided to buy a home in New Orleans in 2005. We went through all the necessary steps (secured the financing, performed home inspections, etc.).
However, prior to the closing , Hurricane Katrina hits South Louisiana and destroys the home. Who would be on the hook?
I assume after the closing, we would be liable, right? That's why (at least in my experience), the lender had insurance tied in with our mortgage note. But what about before the closing? The seller can't perform as a house isn't standing.
However, prior to the closing , Hurricane Katrina hits South Louisiana and destroys the home. Who would be on the hook?
I assume after the closing, we would be liable, right? That's why (at least in my experience), the lender had insurance tied in with our mortgage note. But what about before the closing? The seller can't perform as a house isn't standing.
This post was edited on 9/8 at 7:33 am
re: LA Attorneys - Buying a home (hurricane) questionPosted by S on 9/8/17 at 7:32 am to Forkbeard3777
K was 2005 baw
re: LA Attorneys - Buying a home (hurricane) questionPosted by Forkbeard3777 on 9/8/17 at 7:33 am to S
quote:
K was 2005 baw
Made the change. Thanks.
re: LA Attorneys - Buying a home (hurricane) questionPosted by whit on 9/8/17 at 7:33 am to Forkbeard3777
Can't close if there's a hurricane threat
re: LA Attorneys - Buying a home (hurricane) questionPosted by The Torch on 9/8/17 at 7:34 am to Forkbeard3777
If you haven't gone to closing you are in an "option" to buy, so option out
re: LA Attorneys - Buying a home (hurricane) questionPosted by LSUBoo on 9/8/17 at 7:37 am to Forkbeard3777
quote:
However, prior to the closing , Hurricane Katrina hits South Louisiana and destroys the home. Who would be on the hook?
Prior to closing, you can walk away. You don't own the home yet.
re: LA Attorneys - Buying a home (hurricane) questionPosted by Forkbeard3777 on 9/8/17 at 7:40 am to LSUBoo
quote:
Prior to closing, you can walk away. You don't own the home yet.
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?
re: LA Attorneys - Buying a home (hurricane) questionPosted by ellunchboxo on 9/8/17 at 7:42 am to Forkbeard3777
Why don't you just tell us what the frick is going on?
re: LA Attorneys - Buying a home (hurricane) questionPosted by Forkbeard3777 on 9/8/17 at 7:44 am to ellunchboxo
quote:
Why don't you just tell us what the frick is going on?
Nothing? It's just out of curiosity and I'm trying to just learn something new. You should try that sometime....
I could doctor it to Florida (hurricane) or Chicago (a fire).
I knew Louisiana was based on a different "French - Napoleonic law" so I was just curious if things were different (for the better or the worse).
Chill the frick out. It's a message board.
This post was edited on 9/8 at 7:45 am
re: LA Attorneys - Buying a home (hurricane) questionPosted by SoFla Tideroller on 9/8/17 at 7:44 am to Forkbeard3777
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.
Until closing, you still own your home and the seller owns (and is responsible for) his/hers.
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re: LA Attorneys - Buying a home (hurricane) questionPosted by oilattorney4lsu on 9/8/17 at 7:46 am to The Torch
quote:
If you haven't gone to closing you are in an "option" to buy, so option out
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.
re: LA Attorneys - Buying a home (hurricane) questionPosted by St Augustine on 9/8/17 at 8:03 am to Forkbeard3777
I'm under contract on a home down the road from mine in palm beach gardens. Supposed to close 10/6. I've been assured that we have a ton of protection to walk away and any damage would be taken care of by seller insurance.
This post was edited on 9/8 at 8:04 am
re: LA Attorneys - Buying a home (hurricane) questionPosted by FalseProphet on 9/8/17 at 8:05 am to Forkbeard3777
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.
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.
re: LA Attorneys - Buying a home (hurricane) questionPosted by FalseProphet on 9/8/17 at 8:06 am to oilattorney4lsu
quote:
You would be sued for specific performance.
Completely disfavored remedy under Louisiana law. No one is going to force you to purchase a house you no longer want.
re: LA Attorneys - Buying a home (hurricane) questionPosted by Tiger Prawn on 9/8/17 at 8:38 am to Forkbeard3777
quote:
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?
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.
re: LA Attorneys - Buying a home (hurricane) questionPosted by yellowfin on 9/8/17 at 8:41 am to Forkbeard3777
You aren't going to sign the note before closing
re: LA Attorneys - Buying a home (hurricane) questionPosted by BiggerBear on 9/8/17 at 8:42 am to oilattorney4lsu
quote:
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.
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.
re: LA Attorneys - Buying a home (hurricane) questionPosted by kevv824 on 9/8/17 at 8:44 am to Forkbeard3777
A) You don't sign a promissory until closing
B) Hurricane in Gulf, no insurance policy, no closing
C) You can walk, tough shite on seller
B) Hurricane in Gulf, no insurance policy, no closing
C) You can walk, tough shite on seller
re: LA Attorneys - Buying a home (hurricane) questionPosted by oilattorney4lsu on 9/8/17 at 8:57 am to FalseProphet
quote:
Completely disfavored remedy under Louisiana law. No one is going to force you to purchase a house you no longer want.
Wrong. You're just spewing what you learned at Southern Law last year.
I don't know where you get your knowledge from but trust me 20 years of contractual litigation and title work here says otherwise.
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