Property Under Contract and then.... Fire!!!
I have a property under contract in Great Falls, MT that recently had a fire break out and was a complete loss. Every one is fine and no one was hurt during the blaze. I am still within the property inspection period, so I am not worried that I will be forced to purchase the property or lose any earnest money. I have a question for the experienced attorneys and lawyers, potentially insurance agents in the community:
Do I still have any claim to the improved property after it is rebuilt?
Meaning purchase at the current agreed to price according to the contract, but benefit from the new rebuild on the property after the insurance claim process is complete. My thought is no as I am not the current owner, and it's not my claim, but thought the question is worth asking.
I am not seeking legal advice and understand that I should consult with a local attorney. I am just curious if anyone has been involved with a total loss insurance claim while having a property under contract.