Who is responsible for damage or destruction that occurs to a property before escrow closes but after the purchase contract is signed?

Who is responsible for damage or destruction that occurs to a property before escrow closes but after the purchase contract is signed?

• A. The buyer
• B. The seller
• C. The real estate agent
• D. The insurance company

Answer: (B)

The seller is responsible for damage or destruction that occurs to a property before escrow closes but after the purchase contract is signed. This is because the seller technically still owns the property until the deed is officially transferred to the buyer. The buyer is not responsible for any damage or destruction during this time. The real estate agent and the insurance company are not responsible for any physical damage or destruction to the property, as their roles are to facilitate the sale and provide insurance coverage for the property, respectively.

The seller is responsible for damage or destruction that occurs to a property before escrow closes but after the purchase contract is signed. This is because the seller technically still owns the property until the deed is officially transferred to the buyer. The buyer is not responsible for any damage or destruction during this time. The real estate agent and the insurance company are not responsible for any physical damage or destruction to the property, as their roles are to facilitate the sale and provide insurance coverage for the property, respectively.