Q: I have a contract on a property, and since then it has been vandalized. Is the owner obligated to compensate me.
It does say "as is" on the contract, but it is now different from when I first went into contract. It does quote Sec. 5-1311 of the General Obligations Law. Can I be compensated, possibly price change amendment.
A: You will see GOL 5-1311 deals with the situation, depending on the severity of the damage. You may be able to argue a price reduction, but see if there is insurance covereage. You may want to demand the seller fix it: he may actually improve it for you. I had clients once who contracted to buy a house. Before closing there was a fire that damaged a good part of it. My clients demanded the sellers repair the propert adn sell it to them at the contract price. Obviously, the sellers then refused, since they knew the renovated property would be worth much more than the contract price. My clients ended up settling for a significant "buy-out." So, before you make decisions, see if the damage is covered and whether that will affect the seller as well as you.
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