Buyer loses deposit after failing to close on home destroyed by fire

• A buyer agreed to purchase a home, but before closing, the property was destroyed by fire, triggering an insurance clause in the APS.
• While the seller provided insurance details and extended the closing date, the buyer ultimately refused to close without a guaranteed minimum insurance payout, which was beyond the APS terms.
• The court ruled that the buyer had breached the agreement, allowing the seller to retain the $25,000 deposit.

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