Water Damage Before Possession

[Terence]

Hi

I am taking possession of a Townhouse on the 15th, which had extensive water damage. The inurance company is currently doing repairs, but we are not sure of the extent of their renovations. We don`t think that they are replacing the kitchen cabinets and appliances (water damage was in the dinning room joined to the kitchen). Is there any where we can get compensation if they don`t replace these things. The cabinets are wood and I seen they were peeling and bending. Or are there certain clauses we can include in the purchase agreement that state they will have to replace if there is any problems in the future? How do we make sure we are covered if problems related to the water damage arise in the future?

Thanks,
Terence

 

[RedlineBrett]

QUOTE (Terence @ Feb 11 2008, 10:43 AM) Hi

I am taking possession of a Townhouse on the 15th, which had extensive water damage. The inurance company is currently doing repairs, but we are not sure of the extent of their renovations. We don`t think that they are replacing the kitchen cabinets and appliances (water damage was in the dinning room joined to the kitchen). Is there any where we can get compensation if they don`t replace these things. The cabinets are wood and I seen they were peeling and bending. Or are there certain clauses we can include in the purchase agreement that state they will have to replace if there is any problems in the future? How do we make sure we are covered if problems related to the water damage arise in the future?

Thanks,
Terence

Ask your lawyer about how to approach this. You should not release funds unless you are happy with the condition of the property and it is in the same condition as when you removed conditions on the sale.

I just went through something similiar and my plan was to require a holdback of funds for 6 months to 1 year to ascertain any additional damage that may occur because of burst pipes after the property froze up. That, or the purchase price needs to be reduced to reflect the worsened condition of the property relative to when you negotiated the deal.

Bottom line - don`t close until you are happy. Yes, your deposit will be tied up but the lawyers from both sides need to start talking.

 

[MonteDobson]

I would suggest you get everything IN WRITING. You need to be very clear on exactly what renovations will be covered and what won`t. The insurance company will try to get away with as little cost as possible and you will be expected to cover the rest. If you feel the cabinets should be replaced, fight for that now because after the fact you will have little or no recourse.

Maybe best to talk to your lawyer to try and straighten this out NOW rather than later. Otherwise you may be left high and dry...or wet in your case...sorry for the bad joke!!

Good luck!!

 

[dplummer]

As you are not the Insured, the Insurance Co will not act/deal in you behalf. Your only course is with the Vendor. Have your lawyer hold back funds if your not happy. Call a Restoration Co. & ask them to use a non penetrating moisture probe on the area`s of concern. They`ll be able to tell you if it`s really dry or point out damage. Doug

 

[Terence]

QUOTE (dplummer @ Feb 12 2008, 08:51 AM) As you are not the Insured, the Insurance Co will not act/deal in you behalf. Your only course is with the Vendor. Have your lawyer hold back funds if your not happy. Call a Restoration Co. & ask them to use a non penetrating moisture probe on the area`s of concern. They`ll be able to tell you if it`s really dry or point out damage. Doug

Thanks, thats a great suggestion. I didn`t know there was vendors that can check for those things.