If some damage occurs to a property after a purchase contract is signed but before escrow closes, who is responsible?
- the buyer
- the seller
- the seller’s agent
- this is negotiated in the purchase contract.
The answer is B. Even when a property is in escrow, the current property owner still holds title to the property. And even though the buyer doesn’t have any title in the property, he/she still has an interest in the property. This means that the seller will be responsible for any property damage that occurs before the close of escrow.