Pipes Burst Scenario In A Real Estate Transaction- Who Is Liable?
Guys, here’s an interesting debate on one scenario below and I am curious to know what’s your take?
The settlement was completed on Friday, January 18th but the property didn’t get recorded till on Tuesday, January 22nd due to MLK holiday. Seller wanted to close the Pepco account on Friday but he asked his real estate agent when he should close the account. She recommended to close it on Tuesday. Seller actually ended up giving it another day and closed the Pepco account today (Wednesday). For whatever reason, the Buyer didn’t open the Pepco account since the closing on Friday. As a result, when Seller’s Pepco account was eventually closed today, the property ended up having its pipes burst due to no heat.
Now whose fault was it? Buyer? Seller? Seller’s real estate agent? Who should be liable for the pipes being burst? I would be interested to know your opinion.
Thanks, guys.