Buyer loses deposit after failing to close on home destroyed by fire

Buyer loses deposit after failing to close on home destroyed by fire

Stock photo (Canva)   QUICK HITS A buyer agreed to purchase a home, but before closing, the property was destroyed by fire, triggering an insurance clause in the APS.  While the seller provided insurance details and extended the closing date, the buyer ultimately refused to close without a guaranteed minimum insurance payout, which was beyond the APS terms.  The court ruled that the buyer had breached the agreement, allowing the seller to reta…