For example, we just learned about "risk of loss." Basically, this means that a buyer bears any risk of loss between the time the contract is signed and the time of closing. Hmmm. Seeing as how my mind rests in Bar-world where all questions seem to deal with death and disaster, I began to wonder what would happen if our half-built townhouse suddenly became engulfed in flames, demolished by a tornado, or swept underwater by the largest flood in Gaithersburg history. We don't have insurance for this!!!
After 30 minutes of pouring over the contract, and telling myself this was study time well-spent, I found the clause of my dreams in the Purchase Agreement:
Ha! We're free and clear if disaster strikes! But then, as any good little law student, I started wondering: What does the word "casualty" really mean? Would the Seller be estopped from terminating the contract because we detrimentally relied on being able to move in this October? Will I ever be normal again?22. Risk of Loss. Seller assumes the risk of loss or damage to the Property by fire or other casualty until Settlement. If such loss or damage occurs, Seller may terminate this Agreement and refund the Deposit to Purchaser without further liability to Purchaser. Purchaser shall have no right to or interest in fire or other casualty or hazard insurance proceeds.
Michael, you truly deserve a medal for putting up with me in this state. You understand why I am excited that we are buying our home as tenants by the entireties, you care to know about my stupid OCEANS mnemonic for adverse possession, and you tell me to JUST MARK B for questions on the rule against perpetuities. You are an amazing husband and I can't wait to own our home together in fee simple absolute.
Now...anyone want to hear "The Property Song" to the tune of Twinkle Twinkle Little Star? Anyone?
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