Property Practice

A seller and a buyer agreed to buy and sell a property. Both parties used the Contract Incorporating the Standard Conditions of Sale (5th edition - 2018 revision) unamended to exchange the contract. After the exchange of contracts, a severe storm destroyed the property before the completion date. Unfortunately, neither the buyer nor the seller had insurance on the property during this period. As a result, the buyer is now refusing to complete the purchase. The question is whether the buyer is obligated to proceed with the purchase despite the damage caused by the storm.

Is the buyer obligated to proceed with the purchase?

Select 2:
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