Legal Question in Real Estate Law in Iowa
Flood Sale Question
6 weeks ago my offer was accepted for a lake front home 1/2 mile from Omaha airport which is now under serious threat of flood damage for the next 4 months. Flood insurance is assumable but could be alot of worried days ahead as well as soft costs and agrivation. First I should be able to cancel the agreement, right? Second, what kind of a discount would be reasonable as the seller will most like be unable to sell under the circumstances?
1 Answer from Attorneys
I doubt there is a "flood possibility" contingency in your contract, so if the house has not flooded prior to your scheduled closing date, you may very well be contractually obligated to purchase. You should, of course, discuss this with the attorney representing you in the transaction, since he or she would have access to the purchase agreement. Not sure what you mean exactly by "soft costs," but it seems very unlikely a claim of "aggravation" would be compensable under a real estate contract.
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